Zimbabwe Announces Fuel Price Changes Effective June 5, 2023
The Zimbabwe Energy Regulatory Authority (ZERA) has announced new fuel prices effective June 5, 2023, and they will be effective up to 4 July 2023. In an update seen by Pindula News, the regulator said diesel and petrol will be sold as follows:
- Diesel 50 ZWL$4 249.78 from ZW$1 756.24 per litre or US$1.56 down from US$1.61 in May
- Petrol Blend ZWL$4 220.38 from ZWL$1 752.81 per litre or US$1.55 down from US$1.61 in May.
ZERA announced that fuel prices for May 2023 are based on M-1 which is a term used in the fuel sector to refer to the month prior to the current month. For example, in June 2023, M-1 would refer to the month of May 2023. M-1 is commonly used in fuel pricing, as fuel prices are often set based on the average prices in the previous month. This helps to account for fluctuations in the market and ensure that prices remain stable for consumers.
The regulator also said the blending ratio is now at E20, up from E15 and operators can sell petroleum products below the prescribed prices based on their trading advantages. Operators must display prices prominently in accordance with fuel pricing regulations. Stakeholders are advised that the petroleum price releases by ZERA can be verified on the official ZERA website, Facebook or Twitter handle.