The Zimbabwe Energy Regulatory Authority (ZERA) will effect the changes in fuel prices by next week.
According to State media, the price of fuel will continually be reviewed after two weeks in a bid to promote competitiveness.
The stance adopted by ZERA follows the reduction in fuel prices by six cents by the government as part of ensuring the local economy’s competitiveness.
ZERA CEO, Engineer Gloria Magombo said the reduction of prices is in line with developments on the international market.
She added that the prices will be reviewed after every fortnight in relation to price shifts.
Nehanda Radio says: On prices of fuel, the international prices have been fluctuating and the reviewing of the statutory instrument to ensure there is quick reaction by fuel dealers. We need to minimise the impact of fuel increase or decline by putting a maximum cap. The price will come into effect in the coming weeks you should be seeing that in next week,” said Engineer Magorimbo.
The price of petrol has been reduced by 7 cents per litre while that of diesel has gone down by 6 cents.
The minimum price of petrol is now pegged at US$1,28, while that of diesel is at US$1,15.
Fuel has been cited as one of the commodities that pushes prices of goods and services upwards.
The reduction in fuel prices is expected to trigger price adjustments of all goods and services.