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The Zimbabwean Government has cut fuel prices across the country to ease the burden of rising fuel costs on its citizens, following the recent easing in global oil markets after Iran reopened the Strait of Hormuz.
This was disclosed in a statement issued by the Zimbabwe Energy Regulatory Authority (ZERA).
Diesel, which was sold for US$2.11 before the price reduction, has been reduced to US$2.09 per litre, while petrol now costs US$2.08 per litre, down from US$2.23 under the new pricing.
The price adjustment comes after weeks of volatility in global fuel supply chains, which saw a spike in crude oil prices following tensions in the Middle East and fears of prolonged disruption in the Strait of Hormuz, a critical global shipping route that had been disrupted as a result of the ongoing escalation involving Israel and the United States (US).
Zimbabwean authorities said the government prioritised fuel security through what it described as market-sensitive pricing mechanisms and tax reductions aimed at cushioning both consumers and the broader economy during the period of instability.
The Zimbabwean Government added that it will continue to pursue measures to minimise the impact of global shocks on domestic fuel prices while ensuring continuity of supply.
ZERA also appealed to the public not to engage in panic buying or hoarding, adding that the country has adequate fuel stocks to sustain the country for more than three months.
