Petrol price rises by 3%

THE Zimbabwe Energy Regulatory Authority (Zera) has slightly adjusted upwards the price of petrol by three cents to US$1.53 per litre from the previous price which was US$1.50 and Liquid Petroleum Gas (LPG) is now sold at US$1.91 from US$1.83 per kilogram.

The price of diesel was decreased by two cents to sell at US$1.63 per litre from the previous price of US$1.65.

The new prices came into effect on Wednesday.

"The public and operators are advised that the blending ratio remains at E5. Operators may sell the petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as provided for by the fuel pricing regulations," said Zera in a statement.

For LPG, Zera said operators are advised to display the prices at their retail outlets in a prominent place in clearly legible letters.

"Please note that it is permissible to sell LPG at prices below the prescribed prices depending on one's trading advantages," said Zera.

However, some retailers are charging as high as US$2 per kg.

The slightly adjusted fuel and LPG prices come at a time when the Zimbabwe Revenue Authority (Zimra) has directed businesses to configure their fiscal devices to capture the new value-added tax (VAT) rate of 15 percent.

The VAT increase forms part of new economic measures outlined in the 2023 national budget that came into effect on 1 January.