The government through the Zimbabwe Energy Regulatory Authority (ZERA) has increased diesel and petrol prices in US dollars and decreased in Zimbabwean dollars with effect from 8 August 2023.
In a press statement, ZERA said the new prices are as follows: Diesel 50: ZWL7,492.63; Diesel 50: US$1.65,
Blend – E20: ZWL7,300.72; Blend – E20: US$1.61; In July, ZERA had released the prices per litre as follows:
Diesel 50: ZWL9,200.03
Diesel 50: US$1.58;
Blend – E20: ZWL9,113.66
Blend – E20: US$1.57.
The prices for August 2023 are based on M-1 which refers to refer 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 basis 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 4 September 2023. ZERA has advised the public and operators that the blending ratio is at E20.
Operators are however, allowed to sell petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as stipulated by the fuel pricing regulations.
Stakeholders have been urged to verify the petroleum price releases by ZERA on the official ZERA website, Facebook, or Twitter handle.