Rise in global demand pushes fuel prices up
Michael Makuza, Business Reporter
THE Zimbabwe Energy Regulatory Authority (Zera) has announced the latest increase in fuel prices in keeping with the global commodity pricing patterns, which have recently seen a spike in the cost of brent crude oil.
With the recent opening up of China’s economy after a period of strict Covid-19 lockdown, the world’s largest oil consumer has pushed up demand, and subsequently prices for the commodity.
In a statement, Zera said with effect from yesterday, the price of blend petrol has increased by five cents to US$1,59 per litre from US$1,54 while diesel price has risen by six cents to sell at US$1,68 per litre from US$1,62.
The energy regulator has pegged the new price for diesel in local currency at $1 315,09 per litre up from $1 188,77 while that of petrol rose to $1 241,01 from $1 124,61.
“The public and operators are advised that the blending ratio remains at E5. 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 the regulator.
Businesses and the motoring public had enjoyed stable fuel prices since the Second Half of 2022 amid supportive Government measures, which have eased production costs.