The Zimbabwe Energy Regulatory Authority (ZERA) has announced a new significant hike in the prices of both diesel and petrol blend, attributing to shifts in the international market.
Effective from March 18, diesel (50) will now retail at US$2.05 per litre, while petrol blend (E5) will cost US$2.17 per litre.
In the local currency, the prices are set at ZiG 52.19 and ZiG 55.13 per litre, respectively.
In a statement, ZERA said, Government, through ZERA, continues to monitor the security of supply of petroleum products in the market.
“In that regard, Government notifies stakeholders that there are enough stocks of petroleum products in the supply chain, starting from Beira and inland storage facilities, with more than three months’ supply cover.
“Working with oil traders, the Government is opening up supply routes not affected by the current conflict in the Middle East.
“However, while Government ensures security of fuel supply, ZERA notices that the cost pressures are piling up and these require that prices be reviewed for two weeks to avoid fuel shortages and arbitrage.
“Government is taking deliberate actions to ensure that fuel brought into the country is accessed by all fuel stations, especially those in the far-flung areas of the country and Government, through its companies, Petrotrade and NOIC, will be active in that regard.
“The new price of diesel has been set with a view to mitigating the impact of the increase on the mining, agriculture, haulage services and passenger transport sectors.
“Government will endeavour to keep the price of diesel lower than what it ought to be. Without Government intervention, the price of diesel would have been US$2.20 per litre.
“As a way to open up other avenues for the importation of diesel, Government has, with immediate effect, approved the importation of diesel by road, in addition to pipeline and rail.”
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