• Diesel and petrol prices reviewed to ZW$122.13 and ZW$123.71 respectively

  • In US$ terms diesel and petrol prices increased by 3% and 1% respectively

  • Operators may sell at prices behind the cap depending on their trading advantages

Harare - The Zimbabwe Energy Regulatory Authority (ZERA) has increased the prices of both diesel and petrol by between 1% and 6% in both local and foreign currency.

The review which is effective from yesterday saw diesel and petrol prices in local currency increase to ZW$122.13 and ZW$123.71 from the September price of ZW$115.15 and ZW$118.42 respectively.

In foreign currency terms, diesel and petrol prices went up by 3% and 1% to US$1.38 and US$1.40 from US$1.34 and US$1.38 in September respectively.

“Operators may sell at prices behind the cap depending on their trading advantages. Shareholders are advised that the petroleum prices release by ZERA can be verified on the official ZERA website, WhatsApp, Facebook or Twitter handle,” ZERA said in a statement.

Fuel prices have been continuously going up in recent months, following adjustments made in June when ZERA cited a general rise in fuel prices on the international market early this year.

Since January this year, there has been a surge in the Free On Board prices for diesel and petrol and this has a knock-on effect on the pump price of fuel.

Recently, the Minister of Finance and Economic Development, Professor Mthuli Ncube issued a notice reviewing the 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. This review could also have contributed to the continuous rise in fuel prices in September and October.

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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