peterChronicle Reporter
The Zimbabwe Energy Regulatory Authority (ZERA) has announced a reduction in fuel prices due to the FOB (Free on Board) price movement and the revised duty regime.
Blend which was at $21,77 is now $21 while diesel is now $20,84 from $21,52. FOB basically refers to costs involved in shipping the product.
In a statement, ZERA confirmed the decrease in fuel prices.
“Please be advised that fuel prices effective Tuesday, 5 May 5, 2020 are as follows: maximum pump price for diesel is $20,84 and $21 for blend. Operators may, however, sell at prices below the cap depending on their trading advantages,” read the statement.
The decrease in prices comes as fuel prices world over are coming down. The price per barrel went negative last month as a result of reduction in demand.
Zimbabwe is a net fuel importer, hence any movement on the global market has an effect on the local price.
Online Reporter