- Fuel prices have gone up, with petrol increasing from US$1.59 to US$1.60 per liter and diesel rising from US$1.62 to US$1.63 per liter
- Historically, gasoline prices have averaged US$1.45 per liter from 2017 to 2024, reaching a record high of US$3.39 per liter in March 2019 and a record low of US$0.46 per liter in February 2022.
- Brent crude oil futures have been falling for the sixth consecutive week, reaching their lowest levels since February, and Brent crude oil has only increased by 1.52% since the beginning of 2024.
Harare- Zimbabwe's fuel prices have seen an increase in June, despite the recent global decline in oil prices.
According to the latest data released by the Zimbabwe Energy Regulatory Authority (ZERA), the price of petrol has gone up from US$1.59 to US$1.60 per liter.
This comes after the prices remained unchanged for July and June 2024.
The price of diesel has also increased, rising from US$1.62 per liter in July to US$1.63 per liter in August.
It is worth noting that Zimbabwe's fuel is exclusively sold in US dollars, even after the introduction of the country's latest currency gamble, the Zimbabwe Gold (ZiG).
Historically, gasoline prices in Zimbabwe have averaged US$1.45 per liter from 2017 to 2024, reaching a record high of US$3.39 per liter in March 2019 and a record low of US$0.46 per liter in February 2022.
The recent fuel price surge is particularly puzzling, as Brent crude oil futures have been falling for the sixth consecutive week, reaching their lowest levels since February. Brent crude oil has only increased by 1.52% since the beginning of 2024.
While crude oil prices have increased by 5% since the start of 2024, this trend is more focused on the North American region and is not as widely used as the global benchmark, Brent crude.
Brent crude represents oil production and trading in Europe, Africa, and the Middle East, and it serves as the reference for about two-thirds of the world's oil prices.
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