THE Zimbabwe Energy Regulatory Authority yesterday reduced fuel prices by two cents with immediate effect.
In a statement, Zera said petrol would now be sold at US$1,48 per litre down from the previous US$1,50.
In the local currency, the fuel price was reduced from $1 007,45 to $1 001,20.
Zera said the US dollar price for diesel remained the same at US$1,62 per litre, but had been hiked in local currency to $1 094,04, from $1 090,38 per litre.
“The public and operators are advised that the blending ratio for unleaded petrol is at 5%. 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 the fuel pricing regulations,” the Zera statement read.
The average global fuel prices is US$1,28. This reveals that Zimbabwe’s fuel is still expensive.
“The average price of gasoline (petrol) around the world is US$1,28 per litre. However, there is substantial difference in these prices among countries. As a general rule, richer countries have higher prices, while poorer countries and the countries that produce and export oil have significantly lower prices,” a World Petrol Price Check statement read.
It said fuel prices differ from country to country due to taxes imposed on fuel markets by their governments.
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“All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different.”
