Zimbabwe In Shocking Fuel Price Hike
The Zimbabwe Energy Regulatory Authority (ZERA) has approved an increase in the price of fuel after the government increased the amount of exercise duty. The new fuel prices are effective Sunday, 5 April 2020.
Diesel has now gone up to ZWL $21.52 from ZWL$18.66 per litre while Blended Petrol has gone up to ZWL$21.77 per litre from ZWL$18.70
The new prices of fuel translate to US$0.20 (11 cents) per litre of diesel and US$0.12 (12 cents) per litre of blended petrol using the government-mandated foreign exchange rate of ZWL$25 for every United States Dollar (USD).
However, using the ubiquitous black market rates which are more widely used by the generality of the population, this translates to US$0.07 ( 7 cents) per litre of diesel and US$0.08 ( 8 cents) per litre of blended petrol.
Elsewhere, the global economic slowdown due to the novel coronavirus has seen fuel prices tumble. In South Africa, the decrease in prices of fuel has not been limited to just petrol and diesel but has been extended to LP gas and illuminating paraffin.
Just last week, the price of decreased by between R1.76 (for 93) and R1.88 (for 95) per litre on, when the April adjustments in the regulated price came into force in South Africa.
The price of illuminating paraffin dropped even more than LP gas month-on-month, by 22% to R8.41 per litre until at least 5 May, when the next price adjustment is due.
That is in part due to a price war between Saudi Arabia and Russia, as demand for their oil plummeted amid airline shutdowns and a decrease in manufacturing in many industries reliant on oil and energy, as the heating-oil-hungry northern hemisphere moves into summer.
Below is the full statement from ZERA which iHarare is publishing in its entirety.
[Official Foreign Currency Exchange Rate: US$1 = 25 Zimbabwe Dollars, Black Market Rate: US$1 = 40 Zimbabwe Dollars]
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