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Michael Makuza, Business Reporter

The Zimbabwe Energy Regulatory Authority (Zera) has announced a slight adjustment on fuel price at a time when the Government continues with the downward review of fuel prices coupled with positive macro-economic policy interventions.

On Wednesday, Zera said the price of diesel was down by one cent to US$1,69 from last week’s price of US$1,70 per litre while petrol rose by a cent to US$1,52 from US$1,51.

The continued adjustment of fuel prices is a result of measures being put in place by the Government to keep fuel prices down and cushion citizens from escalating prices of basic goods and services.

“The public and operators are advised that the blending ratio remains at E20. 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 for by the fuel pricing regulations,” said Zera in a statement.

For the past several months, the country has enjoyed relative exchange rate stability following adoption of fiscal and monetary measures aimed at containing speculative parallel activity, keeping money supply under check, introduction of gold coins as an alternative store of value and promoting the use of the local dollar.

The drop in fuel prices has also led to prices of some basic commodities to stabilise.

A survey conducted by Business Chronicle this week has shown that basic product pricing has remained stable.

For example, the price of a 2-litre bottle of cooking oil has dropped to about $2 799 from a peak of $3 400 or more in the past weeks while 2-litre Mazoe drink is now pegged from as low as $1 800 from a peak of $2 500 depending on brands and outlets.