The Zimbabwe Energy Regulatory Authority (ZERA) has announced a fuel price adjustment, with petrol now pegged at ZW$6,10 up from ZW$5,26 and diesel now selling at ZW$5.84 up from ZW$5.07.
Speaking from Gweru, ZERA Acting CEO, Mr Edington Mazambani said contrary to social media reports, the price of the commodity has not gone up as much as has been circulated on some platforms.
“The maximum fuel prices effective 13 July 2019 are ZW$6.10 for blend and ZW$5.84 for diesel. Retailers are however allowed to use competitive advantage and charge prices lower than the given cap,” he said.
Mr Mazambani also said the new prices have been necessitated by the movement on the interbank market,as well as the slight upwards adjustment of the free on board (FOB) prices.
Despite the price increase, Mr Mazambani said comparatively, the local prices are still reasonably fair in the region, adding that although the pricing system is linked to the interbank market, efforts will always be made to ensure affordability and availability of the product, hence there is no need to speculate.
In a survey conducted in Harare this Saturday, some motorists concurred with Mr Mazambani that local fuel prices remain low as compared to other countries in the region, while others bemoaned the scarcity of the commodity.
“I think eventually for things to normalise, fuel prices must be pegged at US$1. As long as the government continues to subsidise the commodity, we will continue to face challenges in this sector. This increment effected today still makes fuel in Zimbabwe the cheapest in the region because it is still less than US$1,” said one Harare motorist.
However, commuters and even school children expressed concern with the fuel price increase, saying it will likely trigger price increases of other commodities.
In light of social media reports suggesting the price of the commodity having gone as high as ZW$11 for petrol and ZW$10 for diesel, Mr Mazambani said ZERA continues to urge motorists not to panic buy fuel as that further strains the supply chain due to the artificial demand that would have been created.