Zimbabwe Energy Regulatory Authority (ZERA) has announced new fuel prices set to take effect from March 6, 2023. According to the statement, the price of petrol will increase to US$1.62 per litre from the previous price of US$1.61 set on 10 February 2023. On the other hand, the retail price of diesel will decrease to US$1.67 per litre, down from the previous price of US$1.70, but up from US$1.62 or ZW$1,188.77 in January. It is important to note that no service station in Zimbabwe sells fuel in ZWL, despite ZERA announcing prices in both ZWL and USD.
To summarise here are the latest changes:
- Petrol now selling for US$1.20 up from US$1.59 announced on 10 February 2023
- Diesel now selling for US$1.67 down
Historically, fuel prices in Zimbabwe have been on a gradual upward trajectory since June 2020, with occasional dips and spikes along the way. The latest price adjustments are in line with this trend and are likely to have a significant impact on the economy and the general public. It is worth noting that the global average price of diesel and gasoline is much lower than the prices set by ZERA for Zimbabwe. The differences in prices across countries are due to various taxes and subsidies for diesel.
Fuel prices in Zimbabwe have always been a politically sensitive issue, and the government has intervened on several occasions to reduce the duty on fuels to ensure the supply in the market remains stable and affordable. However, fuel prices have continued to rise, and Zimbabweans are feeling the pinch. The recent conflict between Russia and Ukraine has also contributed to the rising fuel prices. Despite these challenges, fuel remains an essential commodity for the economy to function, and the government and ZERA need to find sustainable solutions to ensure that fuel remains affordable and accessible to all citizens.
The announced fuel prices are set to have a significant impact on the economy and the public. The Zimbabwean situation is unique, and fuel prices are affected by various factors, including taxes, subsidies, and currency fluctuations. The government and ZERA must work together to find sustainable solutions to ensure that fuel remains affordable and accessible to all citizens.