Business

Fuel price hike with immediate effect

THE Zimbabwe Energy Regulatory Authority (ZERA) has gazetted new maximum retail prices of fuel reflecting average increases of 46 percent for blend petrol and 49 percent for diesel, with the new prices effective from today.

ZERA said the new prices were premised on the interbank market rate and will see a litre of blend petrol (E10) retailing at $4,97 while diesel will sell at $4,89 per litre.

“Operators may sell petroleum products at prices below the cap depending on their trading advantages,” ZERA acting chief executive Edington Mazambani said in a second statement this morning, having earlier directed dealers to maintain prices and desist from hoarding fuel.

ZERA said the new prices were in line with measures taken by the Reserve Bank of Zimbabwe (RBZ) on fuel procurement, now based on the ruling exchange rate on interbank market where oil marketers now obtain forex to import fuel.

The RBZ Monday said foreign currency for procurement of fuel will now be sourced on the interbank foreign exchange market in order to promote efficient use of foreign currency and curtail incidents of arbitrage in the economy.

Previously, and until Monday oil marketing companies were receiving foreign currency allocations to import fuel from the RBZ at a special rate of 1 to 1 between the US dollar and RTGS dollar.

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