Zera hikes USD fuel price, reduces ZWL cost

Zim Now Writer

The Zimbabwe Energy Regulatory Authority has increased fuel prices in US dollar terms while reducing the ZWL prices with effect from August 8, 2023.

Petrol now costs US$1.61 per litre, up from US$1.57 in July, while diesel went up US$1.65 from US$1.58 per litre.

The ZWL price for petrol has gone down to ZWL$7 300.72 from ZWL$9 113.66 in July while the diesel price has dropped from ZWL$9 200.03 to ZWL$7 492.63.

The prices for August 2023 are based on M-1, which refers to the cost of importing fuel into Zimbabwe. The M-1 price is determined by various factors, including international crude oil prices, transportation costs, port charges, insurance costs, and taxes. The M-1 price is used as a basic for setting the local pump prices of petrol and diesel in Zimbabwe. The M-1 price is subject to change, depending on the fluctuations in the global oil market and other factors that affect the cost of importing fuel.

Zera said the price will remain effective until September 4, 2023.

“The prices are for August 2023 based on M-1 and they will be effective up to 4 September 2023.”

In a statement on their Twitter handle, Zera said: “The public and operators are advised that the blending ratio is at E20. 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 fuel pricing regulations.”

The fuel authority urged stakeholders to verify the petroleum price releases on the official Zera website, Facebook page Twitter handle.