Business

Zimbabwe fuel prices slashed

ZIMBABWE Energy Regulatory Authority (ZERA) Saturday announced the reduction of fuel prices as the country inflation continues to tumble on the back of the government economic reforms.

The southern African nation has been implementing a raft of economic reforms which have seen relative improvement in some sectors although last week Zimbabwe witnessed the spiralling of prices basic commodities due to the introduction of new foreign currency measures.

In an update Saturday, ZERA announced new fuel prices which are slightly lower than last month’s prices.

“Be advised that the fuel prices effective 5 June 2021 are as follows: Diesel 50 US$1.30, Blend US$1.33 per litre. Using the local currency, Diesel 50 will cost $110, and Blend $112 per litre. Operators may sell below the trading cap depending on their trading advantages,” the regulator said.

Last month, Diesel 50 prices were $111.43, and Blend stood at $112.62 or US$1.32 and US$1.33 respectively per litre.

Official records show year-on-year inflation stood at 161, 91%, down from 194,1% a month earlier, thus maintaining a downward trend since moving in a northward direction in January 2021 to 362,6% from the December rate of 348,6%.

Against this background, the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction System has also gone a long way in easing local currency depreciation on both the formal and parallel markets.

 

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