Yesterday the Zimbabwe Energy Regulatory Authority approved another fuel price increase. Now, petrol is being sold at $7.55 ZWL up from $7.47 ZWL. The price diesel has gone up from $7.14 to $7.22
This is a modest price increase from one that came 8 days prior to this. The government has already stated that their aim is that fuel is sold at a price of around $1 USD using the official exchange rate. Currently, the US dollar is trading for around $8.7 on the official market.
In the meantime, the government led by the Reserve Bank of Zimbabwe will continue to subsidise the price of fuel. The public should expect another price increase soon as the government continues with its quest to remove fuel subsidies.
Despite regular price reviews, the shortage on the market has persisted. This is being exacerbated by power cuts which have seen most businesses including Econet rely on generators to keep operations running.