News / National
Fuel prices in Zimbabwe continue on an upward trend
13 Apr 2015 at 07:15hrs | Views
Fuel prices in Zimbabwe will continue on an upward trend due to firming of the international prices of oil during the last two weeks of January this year, the regulator has said.
In January, government ordered all fuel dealers to reduce fuel prices by at least 20 cents following a massive 60% drop in the prices of oil on the international market.
In an interview, Zimbabwe Energy Regulatory Authority (ZERA) chief executive officer Gloria Magombo said fuel prices in the country were determined by a pricing model which was clearly explained through Statutory Instrument (SI) 80 of 2014 and SI 20 of 2015.
"The upward trend of fuel prices on the local market is therefore in response to international prices of oil which are firming. As of February 18 2015, the price of crude oil per barrel was about $55 per barrel," she said.
She, however, said the tax levels were determined from time to time by the Minister of Finance and Economic Development Patrick Chinamasa.
The price of crude oil on the international market has been on a free-fall since June last year from around $118 to about $45 per barrel.
In January, government ordered all fuel dealers to reduce fuel prices by at least 20 cents following a massive 60% drop in the prices of oil on the international market.
In an interview, Zimbabwe Energy Regulatory Authority (ZERA) chief executive officer Gloria Magombo said fuel prices in the country were determined by a pricing model which was clearly explained through Statutory Instrument (SI) 80 of 2014 and SI 20 of 2015.
She, however, said the tax levels were determined from time to time by the Minister of Finance and Economic Development Patrick Chinamasa.
The price of crude oil on the international market has been on a free-fall since June last year from around $118 to about $45 per barrel.
Source - newsday
