The government through the Zimbabwe Energy Regulatory Authority (ZERA) has raised fuel prices by two cents for petrol and three cents for diesel respectively.
This is with effect from the 29th of December 2022.
In a statement just issued, the regulator said petrol would now be sold at US$1.50 per litre up from the previous US$1.48.
In the local currency, the petrol price was raised to ZW$1 016.49 from ZW$1 007.45.
ZERA raised the US dollar price for diesel to US$1.65 from US$1.62 per litre while the diesel price in the local currency was hiked to ZW$1119.82, from ZW$1 094.04 per litre.
Part of the statement reads:
“The public and operators are advised that the blending ratio remains at E5.
“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.
“Stakeholders are advised that the petroleum price releases by ZERA can be verified on the official ZERA website, Facebook or Twitter handle.”
Meanwhile, the average price of gasoline around the world is 1.28 U.S. Dollars per litre while the average price of diesel around the world is 1.32 U.S. Dollars per litre.
According to the GlobalPetrolPrices.com the differences in prices across countries are due to the various taxes and subsidies for diesel.
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 diesel is different.
The prices of petroleum world over is also been affected by the ongoing conflict between Russia and Ukraine who are key suppliers of the commodity.