Petrol Prices Fall At Most Service Stations

The price of petrol has continued to fall in recent days owing to stable supplies and a fall in international crude oil margins. Most service stations in Harare have reportedly reduced petrol prices from as high as $1,43 to 1;39 per litre. Long winding queues at service stations which had become a feature in the past several weeks have also disappeared. The shortages which occurred in the past several weeks have been attributed to panic buying and hoarding of fuel by dealers and a higher consumption by the manufacturing and agriculture industries. However, crude oil prices on the international market are the major factor in determining the prices of fuel locally as Zimbabwe imports all its oil. Minister of Energy, Joram Gumbo said

We are monitoring international oil prices and when they fall, our retail prices will follow suit. We will also allow the local market to determine the prices but under strict monitoring. If international oil prices rise, you will see a similar movement here.

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