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Weekly Petroleum Prices Flat

Price of both petrol and diesel were flat this week at US$1.77 and US$ 1.88, respectively, although marginally gaining in local currency tracking the interbank exchange rate movements, the latest weekly update by the Zimbabwe Energy Regulatory Authority (ZERA) shows.

In local currency, both diesel and petrol price slightly increased to ZW$ 699.62 and ZW$ 659.80, respectively from last week price of ZW$ 661.73 for diesel and ZW$ 623.16.

Price of petroleum has been skyrocketing for the better part of this year reaching record levels at international price benchmarks.

The increase is currently a global phenomenon and has been attributed to low supply following sanctions on Russian oil for its involvement in the Ukrainian crisis.

This has led to brent crude oil reaching recorda highs of US$ 140 per barrel in the US.

Tomorrow, neighboring South Africa will see fuel prices reviewed upwards to a record average of R26 per litre the equivalent of US$ 1.73/ liter.

However, analysts are skeptical of the local fuel prices which they say should be lower than it currently is due to blending.

But government insists that its recent scrapping of some fuel levies have actually lowered the prices down.

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