The Zimbabwe Energy Regulatory Authority (ZERA) has raised fuel prices in its latest review, which is effective February 10 2023.
In a statement seen by Pindula News, the regulator said petrol would now be sold at US$1.61 up from US$1.59 or ZW$1 341.07 up from ZW$1 241.01.
The authority also said the retail price for diesel is now US$1.70 up from US$1.68 or ZW$1 418.08 up from ZW$1 315.09. Read part of the statement:
The public and operators are advised that the blending ratio remains at E5. Stakeholders are advised that a decision has been made to migrate to monthly as opposed to weekly pricing that has been in place since May 2022. This is to ensure stability over a longer period. As a starting point, the current review is for two weeks. Operators may sell petroleum products below the prescribed levels depending on their trading advantages and display prices as per regulations. Stakeholders are advised that the petroleum price releases by ZERA can be verified on the official ZERA website, Facebook or Twitter handle.
The average price of diesel around the world is 1.31 U.S. dollars per litre while the average price of gasoline around the world is 1.30 U.S. dollars per litre.
GlobalPetrolPrices.com says the differences in prices across countries are due to the various taxes and subsidies for diesel. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of diesel is different.
President Emmerson Mnangagwa last year directed that duty on fuels be reduced by US 13 cents among other measures to ensure the supply in the market remains stable and affordable.
Fuel prices went up in February with the government attributing the increase to the war between Russia and Ukraine which they said disrupted global trade as the two countries are the main producers of oil.
Analysts noted, however, that while the conflict had an impact on economies all over the world, Zimbabwe’s fuel prices were greater than those of its regional counterparts because of higher taxes.
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