By Oliver Kazunga
The Zimbabwe Energy Regulatory Authority (Zera) has increased the pump price of fuel by a margin of less than five percent in both local and foreign currency with effect from today.
The latest review follows adjustments made early last month when Zera cited a general rise in fuel prices on the international market in January this year.
According to a statement from the regulatory body, the new price of Diesel 50 in local currency is $110,41 per litre from $105,56 while that of petrol (E10) rose to $109,17 from $104,82. In US dollars, the new price of Diesel 50 is US$1,32 from US$1,27 while petrol is now pegged at US$1,30 from $1,26.
“Operators, however, sell at prices below the cap depending on their trading advantages,” reads part of the statement from Zera.
Since January this year, there has been increases in the Free On Board (FOB) prices for petrol and diesel and this has a knock-on effect on the pump of fuel. The FOB refers to the costs of shipping the product and as a net importer of fuel, any rise in the FOB results in price increases for the product. The Chronicle