Government has slashed the pump price for fuel with immediate effect following the recent reduction of excise duty.
The price cut means petrol is now pegged at $1.35 per litre while diesel is now sold at $1.23 per litre with paraffin now sold at $1.17 per litre. Excise duty on petrol was reduced by 6,5 cents per litre from 45 to 38,5 cents, while for diesel and paraffin, it declined from 40 to 33 cents.
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In relation to the allowable maximum pump prices that should be observed by all traders, this means that the fuel prices announced this week by the Zimbabwe Energy Regulatory Authority (ZERA) will come down.
He however said the fuel prices will not remain fixed as they can be affected by the commodity’s international pricing.