Zera announces another fuel decrease

Simba Jemwa, Business Reporter

THE Zimbabwe Energy Regulatory Authority (Zera) has announced yet another fuel decrease as the country continues to edge towards managing prices of basic commodities.

The new US dollar prices of Diesel 50 which is now US$1,74 down from US$1,76 per litre which was announced last week while Blend (E20) is US$1,58 down from US$1,60. In local currency, Zera said Diesel 50 is now $928,34 up from $727,69 while Blend (E20) is now $840,09 up from $667,43. 

Over the last four weeks, Zera reduced petrol prices to US$1,60 from $1,70 per litre and pegged diesel at US$1,76, down from the previous US$1,80.

The latest slashes in the price of petrol and diesel, buttresses the Government efforts to contain the price of the commodity from breaching the US$2 mark per litre. Government and economic commentators have said the continued reduction of fuel prices will help ease inflation and reduce prices of goods and services, bringing relief to consumers.

The Minister of Finance and Economic Development, Professor Mthuli Ncube, is on record as saying the continued reduction of fuel prices will help ease inflation and reduce prices of goods and services, bringing relief to  consumers.

In March, President Mnangagwa directed Government to consider domestic remedies, including a reduction of duty and surcharges on petroleum products, to control the price of petroleum. He said the drop in fuel prices has also been precipitated by global prices that have gone down by up to six cents (US) per litre.

Energy and Power Development Permanent Secretary Engineer Gloria Magombo told our Harare Bureau recently that ordinarily prices of goods and services must start falling in response to the new fuel prices.

While retailers can charge less than the Zera prices, they are forbidden to charge more. However, fuel prices have recently been rising across the world due to supply interruptions caused by the geopolitical developments in Eastern Europe where Russia is conducting a special military operation in Ukraine. –    @RealSimbaJemwa