Fuel prices to go up

The price of fuel is set to go up following recommendations by a consultant that retail fuel operators should get an additional two cents on the profit margin.

The Zimbabwe Energy Regulatory Authority's (Zera) stipulated retail fuel operator profit margin is $0,06.

As of yesterday, the prices of petrol and diesel were at an average of $1,33 and $1,18 per litre respectively, according to consultants Genesis Analytics hired by Zera to do an analysis of fuel pricing.

If the recommendation is taken on board, the price of fuel would rise to $1,35 and $1,20 per litre for petrol and diesel respectively a situation that would trigger a general increase in prices in the economy.

Genesis Analytics representative in charge of the study Ethel Teljeur said part of the problem was a lag in the free on board cost to the final pump price.