The Zimbabwe Energy Regulatory Authority (ZERA) has reduced diesel and petrol prices in both United States dollars (USD) and in Zimbabwean dollars with effect from 4 December 2023.Diesel price has been reduced by USD $0.06 from USD $1.74 to USD $1.68 whereas Petrol prices has decreased by USD $0.01 from USD $1.56 to USD $1.55. ZERA said the new prices are as follows:
- Diesel 50 (ZWL/litre) 9 732.61
- Diesel 50 (US$/litre) 1.68
- Blend – E20 (ZWL/litre) 8 999.06
- Blend – E20 (US$/litre) 1.55
The fuel prices will be effective until the 4th of January 2024. The regulator set the blending ratio at E20. According to ZERA, operators have the option to sell petroleum products below the prescribed prices if they have trading advantages. Operators must display the prices prominently as per the fuel pricing regulations.
The adjustment of fuel prices are based on current local and international factors. International factors include the fact that Zimbabwe imports both crude oil and finished products at a price set at the international level, including importation costs like shipping costs. The main reasons for the fuel price adjustments are due to:
1. Crude oil prices
The average Brent Crude oil price decreased from 88.72 US Dollars (USD) to 82.62 USD during the period under review.
2. International petroleum product prices
The average international product prices of petrol, diesel and illuminating paraffin decreased in line with the lower crude oil prices. Diesel and Illuminating paraffin prices declined more that petrol because of increased production of middle distillates by refiners to cater for the expected increase in demand during the upcoming winter season in the Northern Hemisphere.
Fuel Prices Trend:
The following survey reports are available
- Sectorial-Based Salary Survey Reports
- National Salary Survey Report (Consolidation of 13 Sectors)
- Non-executive Directors Fees Survey Report
- Human Resource Policy Documents