Zera announces drop in fuel prices

Michael Makuza, Business Reporter

THE Zimbabwe Energy Regulation Authority (Zera) has announced a drop in fuel prices for petrol and diesel effective yesterday.

In its latest update, the regulator said blended petrol is now pegged at US$1,50 or $1 007,45 per litre from US$1,55 or $1 023,77 while consumers will now fork out US$1,62 or $1 090,38 per litre for diesel down from $1.66 or ZWL 1 095,55 per litre.

Zera had last reviewed fuel prices on 8 December.

The regulatory body also advised the public and operators that the blending ratio for unleaded petrol has been reduced from 15 percent to five percent.

“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,” said Zera.

The drop in fuel costs is good news to consumers as they prepare for the festive holidays and comes after the Zimbabwe National Statistics Agency (ZimStat) has reported a drop in month-on-month inflation rate to 1,8 percent in November after shedding 1.4 percentage points on the October rate of 3.2 percent.

Inflation is now at its lowest since April last year and the second lowest for more than three years, as the market-led and effective policy interventions by the Government and the Reserve Bank of Zimbabwe continue to succeed in holding prices down.

Similarly, annual inflation rate as measured by the all-items Consumer Price Index (CPI) has also dropped drastically to 255 percent from 268 percent.