Fuel price to rise

The price of fuel is expected to skyrocket next week following a surge in international petroleum prices a fortnight ago.

Oil prices went up sharply over the past two weeks to hit US$41 a barrel of crude oil from a record low of US$28 per barrel recorded in January this year.

The price of crude oil had been on a freefall since June 2014 after touching a record high of US$118 per barrel before receding to US$28 per barrel early this year.

Currently, the pump price of petrol is between US$1,20 and US$1,24 per litre while diesel is selling at between US$0,92 and US$1,04 per litre.

Zimbabwe Energy Regulatory Authority (ZERA) chief executive officer, Gloria Magombo, conceded on Tuesday that the surge in fuel prices on the international market would push local prices northwards.