Fuel price unchanged this week -Zera

02 Jul, 2020 - 00:07 0 Views
Fuel price unchanged this week -Zera

eBusiness Weekly

Energy sector regulator, the  Zimbabwe Energy Regulatory Authority (Zera) said on Wednesday fuel  prices remain unchanged this week despite the local currency  depreciating by 11 percent against the United States dollar.

Fuel prices shot up by a massive 150 percent last week after the  Zimbabwe dollar, previously pegged at $25 per greenback, plunged to

$53.36 after it was allowed to freely float.

And with the Reserve Bank of Zimbabwe announcing it would hold weekly  auctions during which the rate of the local currency would be  determined, Zera in response said fuel prices would also be reviewed  every week, a practise the energy regulator had dumped after an outcry  on the instability it caused in the market.

On Tuesday, the Zimbabwe dollar depreciated by a further 11 percent to

$63.74 to the US dollar, leading the market to anticipate an adjustment  in fuel prices.

But Zera said last week’s prices would be maintained.

“Please be advised that fuel prices effective Wednesday 1 July, 2020  have not changed and remain as follows until further notice,” the  regulator said.

Diesel remains at US$1.09 or alternatively $62.77 per litre while  petrol costs US$1.28 or $71.62 per litre.

“Operators may however sell at prices below the cap depending on their  trading advantages,” Zera said.

Last week’s price review resulted in a slight improvement in fuel  availability as long winding queues that characterised service  stations, became a bit shorter.

The commodity, however, largely remains in short supply.

The nation has experienced biting fuel shortages over the last few  years  blamed on unavailability of foreign currency for imports, and at times  unviable pricing resulting in the commodity largely being sold on the  more  lucrative black market.

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