Fuel prices unchanged this week -Zera

Fuel prices unchanged this week -Zera

Harare, New Ziana) – Energy sector regulator, the Zimbabwe Energy Regulatory Authority (Zera) said on Wednesday fuel prices remain unchanged this week despite the local currency depreciating by 11 percent against the United States dollar.

Fuel prices shot up by a massive 150 percent last week after the
Zimbabwe dollar, previously pegged at $25 per greenback, plunged to
$53.36 after it was allowed to freely float.

And with the Reserve Bank of Zimbabwe announcing it would hold weekly
auctions during which the rate of the local currency would be determined, Zera in response said fuel prices would also be reviewed every week, a practise the energy regulator had dumped after an outcry on the instability it caused in the market.

On Tuesday, the Zimbabwe dollar depreciated by a further 11 percent to
$63.74 to the US dollar, leading the market to anticipate an adjustment
in fuel prices.

But Zera said last week’s prices would be maintained.

“Please be advised that fuel prices effective Wednesday 1 July, 2020
have not changed and remain as follows until further notice,” the
regulator said.

Diesel remains at US$1.09 or alternatively $62.77 per litre while
petrol costs US$1.28 or $71.62 per litre.

“Operators may however sell at prices below the cap depending on their
trading advantages,” Zera said.

Last week’s price review resulted in a slight improvement in fuel
availability as long winding queues that characterised service stations, became a bit shorter.

The commodity, however, largely remains in short supply.

The nation has experienced biting fuel shortages over the last few years
blamed on unavailability of foreign currency for imports, and at times
unviable pricing resulting in the commodity largely being sold on the more lucrative black market.
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