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Wednesday, April 24, 2024
HomeBusinessFuel Prices Go Up

Fuel Prices Go Up

Price of petroleum for both diesel and petrol has gone up by 6 US cents and US 5 cents, respectively, according to figures released by the Zimbabwe Energy Regulatory Authority (ZERA) this afternoon.

Diesel is up 3.7 percent to US$ 1.68 per liter whilst petrol price gained 3.2 percent to US$ 1.59 from US$ 1.54.

In local currency, diesel will cost ZW$ 1315.09 while petrol costs ZW$ 1 241.01.

“The public and operators are advised that the blending ratio remains at E5. Operators may sell the petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as provided for by fuel pricing regulations,” said ZERA.

The latest increase will put more pressure on Zimbabwean consumers already feeling the pinch of price increases across the board.

The Zimbabwe National Statistics Agency (Zimstat) is yet to release January inflation figures which were scheduled for this past Tuesday. The agency advised that the figures will be released at a date to be announced.

International oil prices are turning higher, currently trading at around $88 per barrel, as China, the world’s largest user of crude oil, increases output after a prolonged lockdown due to the Covid-19 outbreak.

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