News / National
Fuel prices go up
06 Mar 2022 at 03:21hrs | Views
THE price of fuel in Zimbabwe, like in most parts of the world, has shot up due to tensions in Eastern Europe, resulting is some garages selling petrol as much as US$1.60 per litre.
The Zimbabwe Energy Regulatory Authority yesterday said the new price for Diesel 50 in local currency is $195.99 per litre up from $168,17 while that for petrol (E0) it rose to $195.72 from $167,91.
In United States (US) dollars, the Diesel 50 price rose to US$1,51 from US$1,44 while that of petrol (E0) is now pegged at US$1,51 as well from US$1,44.
"The fuel price increase has been prompted by international crude oil prices which continuously went up following tensions in Eastern Europe.
Government has had to subsidise the final price to cushion the economy," read part of the statement.
Zera said the public and operators are advised that the blending ration still remains at E0.
"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 by the fuel pricing regulations."
According to The Spectator Index, in a tweet Thursday afternoon, brent crude oil surpassed US$119 a barrel on Thursday – the first time it reached triple digits since 2014.
Higher energy prices mean less consumer spending on other goods and services.
The cost of doing business also goes up.
Recently, Zera chief executive officer chief executive officer Mr Edington Mazambani told Business Weekly that motorists may need cushioning from rising oil prices.
He said authorities would have to consult on how best to cushion the country against pressures in international oil prices.
"Because if we are to take the full hit, it will have a negative impact on the economy, so we will have to find ways and means of cushioning the impact to the economy," he said.
Meanwhile, a snap survey conducted by the Sunday News showed that at some fuel stations prices had gone up to US$1,58 following Zera's announcement.
The Zimbabwe Energy Regulatory Authority yesterday said the new price for Diesel 50 in local currency is $195.99 per litre up from $168,17 while that for petrol (E0) it rose to $195.72 from $167,91.
In United States (US) dollars, the Diesel 50 price rose to US$1,51 from US$1,44 while that of petrol (E0) is now pegged at US$1,51 as well from US$1,44.
"The fuel price increase has been prompted by international crude oil prices which continuously went up following tensions in Eastern Europe.
Government has had to subsidise the final price to cushion the economy," read part of the statement.
Zera said the public and operators are advised that the blending ration still remains at E0.
"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 by the fuel pricing regulations."
Higher energy prices mean less consumer spending on other goods and services.
The cost of doing business also goes up.
Recently, Zera chief executive officer chief executive officer Mr Edington Mazambani told Business Weekly that motorists may need cushioning from rising oil prices.
He said authorities would have to consult on how best to cushion the country against pressures in international oil prices.
"Because if we are to take the full hit, it will have a negative impact on the economy, so we will have to find ways and means of cushioning the impact to the economy," he said.
Meanwhile, a snap survey conducted by the Sunday News showed that at some fuel stations prices had gone up to US$1,58 following Zera's announcement.
Source - The Sunday News
