HARARE – Motorists have received fresh relief after the Zimbabwe Energy Regulatory Authority (ZERA) announced lower fuel prices for the next two weeks, reflecting easing global oil prices following the end of the Iran conflict.
Under the latest review effective June 19, diesel now costs US$1.99 per litre, down from US$2.09, while petrol blend (E20) has been reduced to US$1.98 from US$2.08. In local currency, diesel is pegged at ZiG53.26 per litre and petrol blend at ZiG53.00.
The reductions mark the latest decline since fuel prices surged in March as the Iran-Israel-United States conflict disrupted global oil supplies and drove up import costs.
At the peak of the crisis in March, ZERA raised diesel prices to US$2.05 per litre and petrol to US$2.17 per litre, citing international market pressures linked to the Middle East conflict.
Since then, fuel prices have steadily retreated as geopolitical tensions eased and crude oil prices softened. In April, diesel was reduced to US$2.09 per litre while petrol blend fell to US$2.08.
Government has also sought to contain fuel costs by increasing the ethanol blending ratio from E5 to E20, a move authorities said reduced petrol prices by about 18 US cents per litre. The higher blending ratio was introduced as part of a package of measures to shield consumers from the impact of global energy market volatility.
The latest prices mean motorists are now paying 19 US cents less for diesel than during the height of the crisis, while petrol has fallen by the same margin from its March peak.
ZERA said the new prices will remain in force for two weeks, adding that operators may sell fuel below the prescribed maximum prices depending on their trading advantages.
Before Israeli and American bombardment of Iran began on February 22, diesel was $1.52 per litre while petrol (E5) was $1.56 per litre.
Source: ZimLive
