Diesel, petrol prices go up again

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By Alois Vinga

PRICES of petrol and diesel went up again on Monday, with the pump price of diesel now $10.89 per litre while petrol is now $10.41 per litre.

The increase follows last week’s rare reduction in prices of the two most used fuels in the country.

However, the Zimbabwe Energy Regulatory Authority (ZERA) Monday moved to effect the fresh increases.

In a statement, ZERA said that the new prices are with immediate effect and shall begin to be used from Monday September 16 2019.

“The maximum pump price for diesel is $10.89 while the maximum pump price for petrol is $10.41,” said the statement in part.

The new prices have risen from blend which had been reduced in the first week of September from $10, 01 to $9, 86 while diesel had been reduced from $10, 32 to $10.25.

FOB in an international trade term which generally refers to costs involved in shipping the product.

Government recently gazetted Statutory Instrument 161 of 2019, Customs and Excise (Tariff) (Amendment) notice 10, 2019, that gives legal effect to the new fuel and alcohol beverages excise duties announced in the 2019 Mid-Term Budget Review statement.

Finance Minister, Professor Mthuli Ncube has since publicised government’s position on the approval of direct fuel imports facility, in order to minimise disruptions to the production cycle due to the fuel supply gaps.

Ncube is on record saying fuel the ideal price of fuel should be at par with USD1. However the Treasury Chief suggested government would drip feed the increases to reduce the possibility of social upheaval.