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Fuel Price Goes Up….Again

Price of fuel went up this morning with diesel now selling at ZW$ 7.19 per liter from ZW$ 5.48 while petrol now costs ZW$ 7.47 per liter from ZW$ 6.10, 263Chat Business can report.

The latest round of increases is the third in a space of two months as the country continues to grapple with fuel shortages on the market.

“Please be advised that the fuel prices effective Monday, 22 July 2019 are as follows: maximum pump price diesel ZWL 7.19 /Liter and blend E20 ZWL$ 7.47 /Liter,” Zimbabwe Energy Regulatory Authority (ZERA) said in a statement.

The development comes barely a fortnight since Finance and Economic Development Minister, Mthuli Ncube expressed dissatisfaction over the existing price regime of fuel which he said was unsustainable and needed to be pegged close to US$ 1 a liter as per the interbank rate.

“The price of fuel is likely to go up, I think what will be ideal is for the price of fuel to be close to or equivalent to a US$1. That will be the ideal situation. If you look around the region, that’s the ideal situation. So we will also get there, but we won’t get there in a big bang, it has to be gradual, not a big bang as long as we hold the exchange rate,” Ncube said

Market watchers have long raised concerns over the then prevailing prices which they say were rather unviable in the wake of the depleting ZWL$ but they however warned of a reciprocal price hike of goods on the market following the latest announcement.

Government has been subsidizing fuel at a cost estimated around ZWL$ 4.00 per every liter.

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