Fuel prices drop by 3 percent, country is safe from fuel shortages: ZERA

According to the Zimbabwe Energy Regulatory Authority (Zera) the retail prices of petrol and diesel have dropped by at least 3,27 percent in the three months between March and May this year. Zera chief executive Gloria Magombo said:

Petroleum prices have generally been declining between March 2017 and May 2017. FOB prices for diesel declined by 4,4 cents per litre and petrol declined by 4,3c per litre during the same period to May 2017. Fuel price fluctuations occur as a result of global price movements, which rise and fall predominantly based on the laws of supply and demand at international stage. If there is a glut in supply, prices dip and the opposite applies when there is limited crude oil

The country is safe from any possible short to medium term shortages due to a number of measures which have been set up by the Ministry of Energy and Power Development in conjunction with the Ministry of Finance and Economic Development.

More: Herald