Fuel prices are likely to be affected by Saturday’s drone attacks on Saudi Arabia’s key oil fields and refinery which saw global oil prices going up by 20 percent.
The drone attacks took place on Saudi Arabian oil company, Saudi Aramco’s key oil fields and refineries which not only triggered an increase in fuel prices by at least 20 percent, but wiped out five percent of global oil supply.
Organisation for Petroleum Exporting Countries (OPEC) Secretary General, Mr Muhammad Barkindo said the impact was enormous, adding that measures are in place to cover the gap.
“As a bloc, we are engaging our members to see how we can mitigate the impact of this attack and obviously there has to be some contingent measures to restore supply,” said Mr Barkindo.
Commenting on the latest attack, economist Mr Kipson Gundani said the country may not be spared.
“Zimbabwe gets 36 percent of its fuel supplies from Saudi Arabia and that means we have to look for alternative sources of fuel supplies. Prices are also likely to follow suit,” said Mr Gundani.
The Zimbabwe Energy Regulatory Authority (ZERA) said in the interim, the bombing incident might not affect local prices as purchases are made in advance to cover for lag time in transportation.
Local fuel prices are affected by the movement of prices on the global market and the rate at which local oil companies buy the foreign currency to import fuel.