ZERA hikes fuel prices again
Harare(New- Ziana) – The Zimbabwe Energy Regulatory Authority (ZERA) on Wednesday increased fuel prices again inside a week, citing rising oil prices on international markets sparked by the Russia-Ukraine conflict.
Announcing the new fuel prices, ZERA said diesel and petrol will now cost US$1.68 and US$1.67 per litre respectively, up from US$1.51 for both.
“Prices have been set in accordance with the increasing oil prices on the international market, which the Authority is continuously monitoring,” said Zera.
The energy regulatory body first increased fuel prices last week, citing spiking prices on the global markets caused by the war.
Oil prices have risen to two decade highs in response to fears that Russian supplies, of more than 10 million barrels per day, might also be sanctioned off the market by Western countries opposed to its attack on Ukraine.
Russia is the world’s second largest oil producer after Saudi Arabia.
Fears of oil shortages have also been heightened by the refusal of Saudi Arabia to increase production to help fill up the Russian supply gap.
ZERA said local fuel blending levels, meant to reduce the cost of the commodity, remained unchanged at EO.