Motorists have received new relief after the Zimbabwe Energy Regulatory Authority (ZERA) announced a reduction in fuel prices for the next two weeks, reflecting a decline in international oil prices.
Under the latest review, effective from 19 June, diesel now costs $1.99 per litre, down from $2.09, while ethanol-blended petrol (E20) has decreased from $2.08 to $1.98 per litre. In local currency, the price of diesel has been set at 53.26 ZiG per litre and petrol at 53.00 ZiG per litre.
This reduction marks the latest decline since fuel prices surged in March due to the conflict involving Iran, Israel, and the United States, which disrupted global oil supply and pushed up import costs.
At the peak of the crisis in March, ZERA raised diesel prices to $2.05 per litre and petrol to $2.17 per litre, citing pressure from international markets following tensions in the Middle East.
Since then, fuel prices have gradually fallen as geopolitical tensions eased and crude oil prices softened. In April, diesel prices were reduced to $2.09 per litre, while ethanol-blended petrol dropped to $2.08 per litre. The government also sought to contain fuel costs by increasing the ethanol blend in petrol from E5 to E20, a measure that authorities say reduced petrol prices by around 18 cents per litre.
The increase in ethanol content was introduced as part of broader measures aimed at protecting consumers from volatility in international energy markets.
“This reduction marks the latest decline since fuel prices surged in March due to the conflict involving Iran, Israel, and the United States, which disrupted global oil supply and increased import costs.”
The new prices mean motorists are now paying 19 cents less per litre of diesel compared to the peak of the crisis, while petrol has seen a similar reduction from March highs.
ZERA stated that the new prices will remain in effect for two weeks, adding that operators may sell fuel below the maximum prices depending on commercial advantages.
Before the Israeli and US airstrikes on Iran on 22 February, diesel cost $1.52 per litre, while E5 petrol was sold at $1.56 per litre.
Source: ZimLive
