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Zimbabwe petrol price up by $3 while World prices drop

by Staff reporter
06 Apr 2020 at 07:54hrs | Views
The price of petrol has gone up by $3,07c to $21,77c while diesel is now $21,52 per litre. Before the price adjustment took effect from yesterday, diesel was retailing at $18,66 and petrol at $18,70.

The Zimbabwe Energy Regulatory Authority (Zera) said operators may sell at prices below the cap depending on their trading advantages.

A Twitter user Mr Prosper Mwedzi queried why prices were going up when the "oil demand and prices globally have gone down". "I know it may be procured in advance but surely the fact that it's at the lowest ever should translate to consumers," said Mr Mwedzi.

But a Twitter user said Zimbabwe's fuel was the "cheapest in the region, if not world".

"As is it is now, it has gone up to US$0,85c (official rate) and US$0,55c (black market rate). That's way, way cheaper. Fuel in Zimbabwe is cheaper than where we are getting it from."

Energy and Power Development Minister Fortune Chasi could not reached for comment yesterday.

However, on his Twitter page he said: "Please take note that the price that has gone down is for crude. Crude means it's unrefined. There are additional costs attendant on refining."

Crude oil prices have plunged to US$20 per barrel, which is the lowest since 2002, on the back of low demand due to a global lockdown on coronavirus fears, grinding economic activity to a standstill. OPEC and Russia are expected to meet today to discuss oil output cuts until  Thursday.

A dispute between Moscow and Saudi Arabia over who is to blame for plummeting crude oil prices has intensified.

Source - the herald

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