Petroleum prices have marginally rescinded owing to a slight reduction in global prices coupled with government cut on fuel levies to cushion consumers.
The Zimbabwe Energy Regulatory Authority (ZERA) in a circular set this week’s price of diesel at US$ 1.86, which is a US$ 0.02 decline and that of petrol at US$ 1.76 from US$ 1.77.
Petroleum prices were flat during the previous two weeks as government interventions took effect.
Government reintroduced ethanol blending in May and reduced the Strategic Fuel Levy from 12.7 US cents per litre to zero which has to a larger extent cushioned consumers from price spiral.
Brent crude oil prices reached records highs of US$ 140 per barrel on the global markets early this year, although they remain high- there has been a deliberate attempt by governments to cut down on levies to lessen the burden on consumers.
