- Fuel operators to continue using August prices
- ZERA to announce new prices in due course
- About ZERA
Harare - Zimbabwe Energy Regulatory Authority (ZERA) has delayed the reviewing of September 2021 fuel prices citing developments taking place in the international oil market.
In a presser released today, ZERA said it will issue a statement on the new fuel prices after the statutory set an agreeable date.
“ZERA is working vigorously to have the fuel prices for the month announced and are paying close attention to trends on the international oil market while consulting local key stakeholders on the likely impact of the developments on the final pump prices,” the Authority said.
“Fuel operators are therefore urged to continue trading as per the August fuel prices while consultations are being finalised.”
In that regard, diesel will continue trading at August prices of ZWL114.29 or US$1.33 while petrol at ZWL117.07 or US$1.37 respectively.
Indications are that the fuel prices will rise following a notice issued recently by the Minister of Finance and Economic Development, Professor Mthuli Ncube reviewing strategic reserve levy charged on all fuel imports to US$0.127 per litre of diesel and US$0.087 per litre of petrol from US$0.03 per litre previously charged for both.
According to the information released by OPEC this week, global oil markets are expected to continue being tight during the year as it projected global oil shortages for the rest of 2021.
These shortages are likely going to increase oil demand globally that will spike oil prices, forcing ZERA to review prices upwards.
In August, prices for both diesel and petrol were reviewed upwards by between two and four percent in local and foreign currency terms.
In accordance with Statutory Instrument 270 of 2019, ZERA is mandated to review and announce fuel prices on or before the fifth of every month.
ZERA is a statutory body established in terms of the Energy Regulatory Authority Act [Chapter 13:23] of 2011 with a mandate to regulate the procurement, production, transportation, transmission, distribution, importation and exportation of energy derived from any energy source.
It is also responsible for the issuing of licences for all electricity and petroleum service providers in Zimbabwe.
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