The Zimbabwe Energy Regulatory Authority (ZERA) has reviewed prices of fuel in line with movements in the exchange rate which is determined through foreign currency auctions being conducted on weekly basis. The Zimbabwe dollar (ZWL) yesterday dropped to 63.7442 to the U.S. dollar from 57.3582.
This time around fuel prices remained unchanged. With effect from today, a fuel pump price of Z$71.62 or US$1.28 per litre for petrol and Z$62.77 or US$1.09 per litre for diesel will apply. “Whether fuel prices remain constant or changes even up to ZW$100, the fuel supply side won’t change until the @ReserveBankZIM stops pretending to be financing the importation of fuel with FX it doesn’t have,” said one twitter user.
In spite of the constant price reviews, the commodity has remained scarce, with winding queues a common feature at most fuel stations. “That rate of 63 is the average rate. @zeraenergy could have gotten the forex at a lower rate. Think it’s fair to price according to your cost. Suppose also you get the USD at 90, you can’t price at the average rate,” said another twitter user.
The southern African nation blames foreign currency shortages for the fuel shortages which have persisted for years.