Vusumuzi Dube
Judith Phiri, Business Reporter
THE Zimbabwe Energy Regulatory Authority (Zera) has announced yet another fuel decrease in local currency as the Zimbabwean dollar continues to strengthen against the United States Dollar.
In a statement, Zera said the local currency price of Blend (E20) is now ZWL$7 300.72 per litre from ZWL$9 113.66 which was announced last month, while Diesel 50 has maintained is now pegged at ZWL$7 492.63 per litre down from ZWL$9200.03.
“The prices are for August 2023 based on M-1 and they will be effective up to 4 September 2023. The public and operators are advised that the blending ratio is at E20. Operators may sell petroleum products below the prescribed prices depending on their trading advantage and should display prices in a prominent place as provided for by the fuel pricing regulations,” read part of the statement.
Zera said the US dollar price of Blend (E20) is now US$1,61 per litre up from US$1,57, while Diesel 50 is now US$1,65 per litre from US$1,58.
Meanwhile, the Zimbabwe dollar has been fast regaining its value against the US dollar.
On Tuesday, the local currency weighted average rate stood at ZWL$4 559 against US$1 on the wholesale foreign currency exchange auction, while sometime in June it stood at ZWL$6 713 against US$1. The continuous decline of the exchange rate is in response to the macro-economic policies, which were put in place by the Government.
Bongani Ndlovu