Fuel prices up, again

by | Mar 11, 2022 | Business, Local News | 0 comments

Fuel prices up, again

Mako Jerera

The Zimbabwe Energy Regulatory Authority (Zera) has increased fuel prices again, hardly a week after another upward review.

Zera has confirmed the latest price adjustment as an increase in international crude oil prices as the major drive.

In a statement, Zera set diesel price at ZWL$218 per litre from ZWL$195,99 while blend is now $ 216 up from $195,72.

The United States dollar price has been pegged at US$ 168 per litre from 1,51 for diesel and US$ 1,67 from 1,51 for petrol.

“The public and operators are advised that the blending ratio still remains at E0 (Ethanol zero). 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,” read statement.

The Russian military operation in Ukraine which commenced on February 24 has triggered a global price spike over concerns of a supply crunch.

 

The global spikes can also be felt at petrol stations in Lagos, Nigeria.

Reports from the West African country shows that there are fuel queues which are already mounting.

It is predicated that this war`s effects, if not mitigated, may last for decades to come.

Minister of Energy, Soda Zhemu is expected to hold a press conference explaining the fuel price hike.