The Sunday News
Judith Phiri, Business Reporter
WITH the price of fuel in Zimbabwe, like in most parts of the world, having shot up due to tensions in Eastern Europe, the Zimbabwe Energy Regulatory Authority (ZERA) has said service stations should ensure that fuel is sold within the allowed pricing structure for the month.
On the 5th of every month ZERA announces fuel prices for that particular month which are, determined by the average price of the previous month. However, prompted by international crude oil prices which continuously went up following tensions in Eastern Europe, Zera announced new fuel prices on Saturday of US$1.51 per litre, while some garages are selling petrol as much as US$1.60 per litre.
In an interview, ZERA chief executive officer (CEO) Mr Edington Mazambani said they will continue to conduct frequent checks on service stations to ensure fuel is sold within the allowed limits for the month. “ZERA has issued a notice on the fuel prices for March 2022.
Fuel retailers are guided by this price, their trading advantages, transportation costs which vary with distance from the source, and then set their selling price.
However, ZERA conducts frequent checks on service stations to ensure fuel is sold within the allowed limits for the month,” he said. He said international oil prices guide the cost of fuel, hence ZERA stipulates the fuel prices based on this and the global economy has been adversely affected by the international oil prices, and Zimbabwe has not been spared.
Mr Mazambani said authorities would have to consult on how best to cushion the country against pressures in international oil prices.
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.
