Pump nozzle sucking dollars
Diesel now costs 5.84 Zimbabwe dollars per liter, up from 5.07 dollars per liter, while petrol now sells for 6.10 dollars from the previous 5.26.
Energy regulator the Zimbabwe Energy Regulatory Authority (ZERA) announced the new prices on Twitter overnight on Friday, prompting some queries from some consumers who were unhappy with the move.
Finance and Economic Development Minister Mthuli Ncube had said earlier during the week that fuel and electricity tariffs would be reviewed because the current pricing model was no longer sustainable.
Apparently, fuel prices continue to rise in tandem with the foreign currency exchange rate where the Zimbabwe dollar was on Friday trading at 10: 1 U.S. dollar.
ZERA in June increased the price of diesel to 5.07 dollars a liter from 4.88 dollars, while the price of petrol rose to 5.26 dollars a liter from 4.96 dollars.
Fuel prices have gone up several times in 2019, starting with a 150 percent increase in January which saw the price of petrol go up from 1.64 dollars per liter to 3.39 dollars when the local currency was still pegged at par with the U.S. dollar.
Post published in: Business