By Alois Vinga
ANOTHER wave of price increases is set to hit the local markets following the latest approval of fuel price increases by the Zimbabwe Energy Regulatory Authority (ZERA).
This will see fuel prices reaching US$1,40 per litre this week.
In a statement late Tuesday evening, ZERA said; “Please be advised that fuel prices effective Tuesday, October 5, 2021, are as follows; diesel 50 $122.13 and US$1,38 while petrol stood at $123,71 or US$1,40.”
The fuel regulator added; “Operators may sell at prices behind the cap depending on their trading advantages.”
Last month, ZERA set the maximum pump price of diesel at US$1,34 per litre and petrol at US$138 per litre.
In August this year, prices stood at US$1,33 per litre of diesel and US$1,37 per litre of petrol.
However, according to globalprices.com, Zimbabwe is among the countries with the highest fuel prices the world over.
The website states other regional countries like Mozambique, the Democratic Republic of Congo, Lesotho and Namibia are selling petrol for prices ranging between US$0,95 cents and US$1,05.
Market watchers have since warned authorities the excessive taxes being placed on fuel, which they say constitute almost 50 % of the total fuel prices in Zimbabwe, has the potential to derail the gains of stabilising the local currency and other economic gains.