Barely five days after ZERA’s previous fuel price update; the regulator has issued revised pricing. This update has been necessitated by the global sky-rocketing of oil prices on the international market due to the ongoing conflict in Ukraine. This sudden increase in prices is likely to be the first of many. Moscow has warned that the escalating sanctions will likely see crude top $300 a barrel; from the current highs of around $120/barrel. The spectre of Zimbabwean hyperinflation is at the forefront of many minds except this time in ‘real’ dollar terms.
Petrol has jumped from ZWL$195.72 and US$1.51 to ZWL$216.78 and $1.67 respectively. Diesel on the other hand has increased from ZWL$195.99 to ZWL$218.01; whilst the US-denominated price has jumped from US$1.51 to US$1.68.