Zimbabwe hikes fuel price again as international oil prices surge

The Zimbabwe Energy Regulatory Authority (Zera) has increased fuel prices for the second time barely a week after an upward review, attributing the hike to surging international oil prices.

The maximum pump price for diesel is now set at US$1.68 (R25.45) and petrol US$1.67 (R25.29). The adjustment comes days after an upward review from a flat price of US$1.51 (R22.87).

Zera also announced price hikes of liquefied petroleum gas (LPG) for March, set at US$2.07 (R31.35) from US$2.03 (R30.75) a kilogram.

Zera said the domestic price hikes could be attributed to surging oil prices on global markets.

“Prices have been set in accordance with the increasing oil prices on the international market, which the authority is continuously monitoring.”

The increase in fuel and LPG will trigger a further increase in the cost of goods and services in a country experiencing a worsening economic crisis.

As the conflict between Russia and Ukraine continues, oil prices have soared to their highest levels since 2008.