Fuel prices increased again with immediate effect

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By Lisa Nyanhongo

HARARE: The  Zimbabwe Energy Regulatory Authority (ZERA) has announced another increase in fuel prices, saying Tuesday that the adjustment was with immediate effect.

The adjustment comes barely a month after the last upward review.

Under the latest increase, a litre of diesel has gone up from US$1,71 to US$1,88 and Blend will now cost US$1,77.

A statement by ZERA reads; “Please be advised of the fuel prices for diesel and blend for the month of July 2022. The public and operators are advised that the blending ratio remains at e15.

“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.

“Stakeholders are advised that the petroleum price releases by ZERA can be verified on the official ZERA website, Facebook or Twitter handle.”

ZERA also reviewed fuel prices twice last month.

Retail petrol and diesel prices have been increasing to record highs in many countries across the world over past few months with the risk of social and political upheaval.

High energy costs have a cascading effect, feeding inflation, compelling central banks to raise interest rates, crimping economic growth and hampering efforts to combat ruinous climate change.

The invasion of Ukraine by Russia, the largest exporter of oil and gas to global markets, and the retaliatory sanctions that followed have caused gas and oil prices to gallop with an astounding ferocity.

The unfolding calamity comes on top of two years of upheaval caused by the Covid-19 pandemic, off-and-on shutdowns and supply chain snarls.