Zimbabwe Slashes Fuel Prices
The Zimbabwe Energy Regulatory Authority (ZERA) has approved the slashing of fuel prices by a marginal amount. The new fuel prices are effective Tuesday, 5 May 2020.
Diesel has now gone down to ZWL $20.84 from ZWL$21.52 per litre while Blended Petrol has gone down to ZWL$21.00 per litre from ZWL$21.77 per litre.
Below is the full statement from ZERA which iHarare is publishing in its entirety.
The slight decrease in the price of fuel will be welcomed by many locals who had been complaining that while the price of fuel had gone down drastically worldwide, Zimbabweans where yet to benefit.
The price of fuel has been plummeting worldwide in part due to a price war between Saudi Arabia and Russia caused by airline shutdowns and a decrease in manufacturing in many industries reliant on oil and energy. This was exacerbated by the fact that the heating-oil-hungry northern hemisphere is moving into the summer when demand for oil will be lowest.
A few weeks back, the price of oil in the United States actually turned negative for the first time in history. The negative price means that oil producers had to pay buyers to take the commodity off their hands over fears that storage capacity could run out in May.
The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, fell as low as minus $37.63 a barrel.
Last night, there were fears that the government was going to hike the price of fuel following revelations that the government has increased the duty on fuel with the passing of Statutory Instrument 100 of 2020.
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