Fuel prices in Zimbabwe are now cheaper after the regulatory authority gazetted fuel prices effective July 1.
The Zimbabwe Energy Regulatory Authority (ZERA) announced that fuel prices in Zimbabwe will remain unchanged this week despite a change in the interbank rate.
The interbank rate after Tuesday’s foreign exchange auction system is ZWL$63.74 for every United States Dollar from ZWL$57.36 for every United States Dollar last week.
Fuel prices remain at ZWL$ 71.62 or USD1.28 per litre of blended petrol and ZLW62. 77 or USD1.09 per litre of diesel.
While USD denominated prices have not changed, the fuel prices which are denominated in the local currency, using this week’s interbank rate, have gone down.
Using this week’s official foreign currency exchange rates, a litre of petrol which used to cost an equivalent of US$1.25 is now selling for an equivalent of US$1.12 if someone uses the local Zimbabwe Dollar.
Likewise, a litre of diesel which used to go for an equivalent of US$1.09 is now going for US$0.98 (98 cents) if someone uses the local currency.
See ZERA’s notice on fuel prices below:
Last week, ZERA Acting CEO Eddington Mazambani indicated that fuel prices in Zimbabwe will be reviewed every week in line with the RBZ auction system. He said fuel prices would consequently change as the rate changes.
There has been a major concern over the prices of ethanol used to blend petrol in Zimbabwe.
Ethanol prices have contributed to around 75% of the fuel prices announced last week. ZERA said it has since started engaging ethanol producers to address the issue. Muzambani said: “We’re currently engaging with Ethanol Producers so that we establish the true cost of producing ethanol”.
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