Online Reporter
Emmanuel Kafe
GOVERNMENT has cushioned motorists from the latest global oil shock, with petrol prices rising marginally amid escalating tensions in the Middle East that have pushed international crude prices above US$100 a barrel.
The Zimbabwe Energy Regulatory Authority (ZERA) increased the price of petrol Blend E20 by US3 cents to US$1,99 per litre, while maintaining the US dollar price of diesel at US$1,95 per litre.
The new prices took effect on September 9.
On Friday, US West Texas Intermediate crude rose above US$100 a barrel, closing at US$100,05, while Brent crude settled at US$104,61, raising fears of further supply disruptions and putting pressure on fuel-importing countries such as Zimbabwe.
In local currency, petrol now costs ZiG53,06 per litre, up from ZiG52,34, while diesel increased marginally from ZiG51,98 to ZiG52,10.
The latest review follows the previous fuel price adjustment announced in July.
ZERA said it would continue monitoring developments on the international market before making further adjustments.
The regulator also reminded fuel retailers that the approved petrol blending ratio remains E20.
“The public and operators are advised that the blending ratio is at E20. Operators may sell the petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as provided for by the fuel pricing regulations,” ZERA said.
Meanwhile, ZERA increased the maximum LPG price from US$1,69 to US$1,76 per kilogramme, effective September 8.
The adjustments come as global energy markets remain volatile, with higher crude prices potentially increasing transport, production and inflation costs.
