Fuel prices up by 50c

16 Sep, 2019 - 15:09 0 Views
Fuel prices up by 50c

eBusiness Weekly

HARARE – Prices of fuel are up by about  50 cents with immediate effect, maintaining an upward trajectory since  a rare decrease two weeks ago.

The Zimbabwe Energy Regulatory Authority (Zera) said late Sunday, the  price of petrol is now ZWL$10.41 per litre, up 46 cents from last week,  while is diesel rose by 47 cents to ZWL$10.89.

“The changes in the fuel prices are due to the FOB (Free on Board)  price movements and the revised duty regime applicable from Monday, 16  September 2019,” Zera said.

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

Operators rarely charge below the set minimums.

Despite the weekly revision of prices, which was hoped would improve  availability, fuel has largely remained scarce in the market.

Motorists still have to endure long queues, with some stations going  for days without receiving supplies.

Authorities have blamed the shortages on foreign currency shortages to  import the commodity against other competing needs.

Recent moves to stop subsidising the price and to some extent  deregulating imports by allowing big firms to buy the commodity from  outside the country have not yielded much in terms of product  availability.

While previously pricing was cited as one factor that led to shortages,  Zera has said the price of the commodity would be reviewed on a weekly  basis to ensure it does not lag behind those charged in the region.

Lower prices during the time when the local unit was rated 1:1 with the  United States dollar were blamed for fueling the black market as mostly  truckers and other motorists from neighbouring countries would exchange  foreign currency, fill up their tanks to later drain the liquid and  resell.– New Ziana

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