Reprieve For Zimbabwe Motorists As Government Slashes Fuel Prices

There appears to be slight hope for motorists, after Government yesterday slashed the price of fuel in Zimbabwe.

The government’s energy body, the Zimbabwe Energy Regulatory Authority last night reviewed the price of fuel by 8 cents. Diesel is now pegged at US$1.60 per litre from US$1.68 set on 9 March. The price of petrol has been reduced from US$1.67 to US$1.59.

In slashing the prices of diesel and petrol, the Zimbabwe Energy Regulatory Authority said: “Prices have been set in accordance with oil price patterns on the international market, which the Authority is continuously monitoring. 
Reprieve For Zimbabwe Motorists As Government Slashes Fuel Prices
Reprieve For Zimbabwe Motorists As Government Slashes Fuel Prices
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.”

The price of crude oil globally has been reducing over the past weeks, hence the price slash by Zimbabwe’s energy body.

When the year started, ZERA set the price of diesel at US$1.38 and petrol at US$1.41. Fuel jumped to its highest price in years on 9 March to US$1.68 and US$1.67 respectively, because of Russia’s military operation in Ukraine, which catapulted the global price of crude oil to its highest since 2014.

Russia is the third-biggest oil producer in the world. However, its the commencement of a military operation attracted sanctions which made it impossible for it to export oil to its biggest market, Europe and other countries around the world. Most European countries like Germany are now turning to Qatar and United Arab Emirates as possible replacements for Russian oil and gas.

The Zimbabwe Energy Regulatory Authority has for a while now been reviewing fuel prices monthly now, informed by changes in the international market. It is only this March that the body has changed the prices thrice, as a result of the war currently happening in Ukraine.
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