News / National
Fuel price remain high in Zimbabwe
03 Feb 2016 at 18:39hrs | Views
The impact of the tumbling global oil price has not been felt by local motorists with the Zimbabwe Energy Regulatory Authority (ZERA) dithering on the actual pricing model of fuel.
Global oil prices have reached an all time low, averaging US$28 dollars per barrel, which is equivalent to 159 litres.
The price fall has however failed to make an impact on the local economy and ZERA is failing to act decisively.
While the prices have gone down in neighboring countries such as Zambia and Botswana, local oil companies have been blamed for profiteering.
An economist, Kipson Gundani feels that high taxes imposed by the government has seen prices remain high.
The prices of petrol in Zimbabwe are averaging US$1,28 cents per litre, reflecting no change from the time when a barrel was going for US$50.
Total Zimbabwe Board Chairman, Mr Christian des Closieres said the global prices will affect local investment of US$10 million annually, adding that prices will go down marginally in response to the international price.
According to industry, the fall in oil prices will also mean reduction in cost of production which will lower prices of most goods and services from the benefit of local consumers.
Global oil prices have reached an all time low, averaging US$28 dollars per barrel, which is equivalent to 159 litres.
The price fall has however failed to make an impact on the local economy and ZERA is failing to act decisively.
While the prices have gone down in neighboring countries such as Zambia and Botswana, local oil companies have been blamed for profiteering.
The prices of petrol in Zimbabwe are averaging US$1,28 cents per litre, reflecting no change from the time when a barrel was going for US$50.
Total Zimbabwe Board Chairman, Mr Christian des Closieres said the global prices will affect local investment of US$10 million annually, adding that prices will go down marginally in response to the international price.
According to industry, the fall in oil prices will also mean reduction in cost of production which will lower prices of most goods and services from the benefit of local consumers.
Source - ZBC
