The Zimbabwe Energy Regulatory Authority (ZERA) has announced new fuel prices for the month of March 2022 which it said had been subsidised by the Government even though they went up.
The energy regulator has increased the price of diesel to ZWL$195.99 and US$1.51 from ZWL$168.17 and US$1.44 per litre, respectively.
The price of petrol for March is now ZWL$195.72 and US$1.51 per litre, a significant increase from the February price that was capped at ZWL$169.91 and US$1.44, respectively.
In a public notice, ZERA said the fuel price hike was caused by the increase in international crude oil prices.
This is in reference to Russia’s illegal invasion of its neighbour Ukraine, on Thursday last week, which caused crude oil prices to rise across the globe. ZERA said:
The fuel price increase has been prompted by international crude oil prices which continuously went up following tensions in Eastern Europe.
Government has had to subsidize the final price to cushion the economy. The public and operators are advised that the blending ratio remains at E0.
Operators may sell the petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as provided by the fuel pricing regulations.