- Petrol prices have risen from US$1.49 to US$1.51 per litre, while diesel prices have increased from US$1.50 to US$1.52 per litre
- Historical Context: Petrol prices in Zimbabwe have averaged US$1.45 per litre from 2017 to 2024, with a record high of US$3.39 in March 2019
- Global Impact: East tensions between Israel and Iran could impact oil supply and fuel pricing dynamics
Harare- The Zimbabwe Energy Regulatory Authority (ZERA) has announced an increase in fuel prices for November, impacting both petrol and diesel.
Petrol prices have risen from US$1.49 per litre in October to US$1.51, while diesel prices have been adjusted to US$1.52 from US$1.50 in the previous month.
However, these new prices remain below the September benchmarks of US$1.53 for petrol and US$1.55 for diesel.
Historically, petrol prices in Zimbabwe have averaged US$1.45 per litre from 2017 to 2024, peaking at a record high of US$3.39 per litre in March 2019 and hitting a low of US$0.46 in February 2022.
The recent price hikes come amid geopolitical tensions related to the ongoing conflict in the Middle East, primarily involving Israel and Iran.
Market apprehensions are rising regarding the potential impact on oil supply, particularly if Israel escalates its military responses, which could target Iranian fuel infrastructure.
As of the end of 2023, Iran held approximately 24% of the Middle East's oil reserves and 12% of global reserves, underscoring the strategic significance of this situation for fuel pricing dynamics.
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