BY MISHMA CHAKANYUKA
The Zimbabwe Energy Regulatory Authority (Zera) has hiked the price of fuel again by 47 cents for diesel and 46 cents for petrol, with effect from yesterday.
Diesel increased from $10,42 to $10,89 and petrol $9,95 to $10,41 per litre.
Zimbabwe has been experiencing crippling fuel shortages since last year, which have led to long-winding queues at fuel stations as motorists grapple to get the precious liquid, whose price has also kept rising.
In recent months, diesel and petrol prices have been going up almost weekly.
“The changes in the fuel prices are due to the FOB (free on board) price movements and the revised duty regime (SI 161 of 2019) applicable from Monday, September 16, 2019,” Zera said in a statement yesterday.
FOB costs are costs incurred by an importer to ensure that goods are delivered to them within specific times and using agreed routes.
Last month, government gazetted SI 161 of 2019 that gives legal effect to fuel price adjustments.
Finance and Economic Development minister Mthuli Ncube said the price of fuel should always be equivalent to US$1, hence the prices have been going up in line with the interbank foreign exchange rate between the local currency and US dollar.
Despite the increase, the commodity is still in short supply. NewsDay