Thêe Zimbabwe Energy Regulatory Authority (ZERA) has increased the prices of diesel and petrol in Zimbabwe, effective September 7, 2023. The new prices are as follows:
- Diesel 50: ZWL$8,160.44/litre (USD$1.76/litre)
- Blend – E20: ZWL$7,648.14/litre (USD$1.65/litre)
These prices are higher than the prices in August, when diesel was ZWL$7,492.63/litre (USD$1.65/litre) and petrol was ZWL$7,300.72/litre (USD$1.61/litre). They are also higher than the prices in July, when diesel was ZWL$9,200.03/litre (USD$1.58/litre) and petrol was ZWL$9,113.66/litre (USD$1.57/litre).
The increase in fuel prices is due to the rising cost of importing fuel into Zimbabwe. The M-1 price, which is used as a basis for setting the local pump prices of petrol and diesel in Zimbabwe, has been increasing in recent months. The M-1 price is determined by various factors, including international crude oil prices, transportation costs, port charges, insurance costs, and taxes.
The new prices will remain effective until October 4, 2023. ZERA has advised the public and operators that the blending ratio is at E20. Operators are allowed to sell petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as stipulated by the fuel pricing regulations.
Stakeholders are urged to verify the petroleum price releases by ZERA on the official ZERA website, Facebook, or Twitter handle.
The increase in fuel prices is likely to have a negative impact on the Zimbabwean economy. It will make transportation and other essential goods and services more expensive, which could lead to inflation and economic hardship for many people.
The government has said that it is working to address the rising cost of fuel, but it is unclear what measures it will take. In the meantime, Zimbabweans are facing a difficult economic situation, and the increase in fuel prices is likely to make things even worse.
