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After denials, ZERA hikes fuel price

by Staff reporter
21 May 2019 at 16:29hrs | Views
The Zimbabwe Energy Regulatory Authority (ZERA) has effected fuel price adjustments from this Tuesday in light of the new measures taken by the Reserve Bank of Zimbabwe (RBZ) on fuel procurement based on the interbank rate.

In a statement, ZERA announced that diesel and petrol will now cost RTGS$4.89 and RTGS$4.97 respectively, with the prices applicable for the period 21 May to 26 May 2019.

The prices are based on the US$1:RTGS$4.6125 exchange rate.

ZERA Acting CEO, Edington Mazambazani said operators may sell petroleum products at prices below the cap depending on their trading advantages.

RBZ Governor, Dr John Mangudya yesterday announced that procurement of fuel by oil marketing companies will with immediate effect be done through the interbank foreign exchange market in order to promote the efficient use of hard cash and avoid hoarding of the commodity.




Source - zbc

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