The Chronicle
Michael Makuza, Business Reporter
THE price of fuel for blended petrol has slightly dropped effective today while diesel remains unchanged, the Zimbabwe Energy Regulation Authority (ZERA) has said.
In its latest review, the regulator said blend petrol is now pegged at US$1,48 or $1 001,12 from US$1,50 or $1 007,45 per litre while diesel remains unchanged at US$1,62 having slightly increased from $1 090,38 to 1 094,04 per litre in local dollar.
This is the second time Zera has dropped fuel prices in a space of one week. The regulatory body said the public and operations are advised that the blending ratio for unleaded petrol is at five percent.
“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 for by the fuel pricing regulations,” it said.
The drop in fuel costs comes after the Zimbabwe National Statistics Agency (ZimStat) recently said that the month-on-month inflation rate dropped to 1.8 percent in November after shedding 1.4 percentage points on the October rate of 3.2 percent.
Inflation is now at its lowest since April last year and the second lowest for more than three years, as the market-led and effective policy interventions by the Government and the Reserve Bank of Zimbabwe continue to succeed in holding prices down.
Prices for basic commodities have been stabilised for the past several months and the drop in fuel prices will further slash down and stabilise prices.
Article Source: The Chronicle