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*UPDATED: Govt Reviews Fuel Prices Downwards*

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The Zimbabwe Energy Regulatory Authority (ZERA) has reviewed fuel prices downwards with effect from May 5, 2020.

The price of diesel has fallen from $21.52 to $20.84 while that of petrol has been slashed from $21.77 to $21.00.

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The development follows a sharp fall in the price of crude oil globally because of the coronavirus pandemic which has reduced demand for the product.

In its latest price review, ZERA said operators may, however, sell at prices below the cap depending on their trading advantages.

On Monday, the government hiked excise duty on diesel and petrol a few hours before announcing the new fuel prices.

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