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Zimbabwe fuel prices shoot up 150 percent

Christian Fernsby ▼ | June 25, 2020
Zimbabwe gas stationThe Zimbabwe Energy Regulatory Authority increased the pump prices of fuel about 150 percent.
Zimbabwe gas stations
Fuel   Zimbabwe gas stations
Diesel will cost 62.77 Zimbabwe dollars (ZWL) and petrol 71.62 ZWL, up from the June 4 prices of 24.93 ZWL and 28.96 ZWL for diesel and petrol respectively.

Topics: Zimbabwe

Those buying in U.S. dollars will also pay slightly more, with diesel and petrol costing 1.09 U.S. dollars and 1.28 U.S. dollars respectively.

The increases came amid reports that the Reserve Bank of Zimbabwe would remove subsidies on fuel.

Zimbabwe blends its petrol with ethanol as a foreign currency saving measure but many motorists are worried that the high blending ration of 20 percent blend will have long term negative effects on their engines.

They also argue that the price of blend should be lower than in countries which do not blend their fuel.

The increases also came as the central bank abandoned the fixed foreign currency exchange rate of 1 U.S. dollar to 25 ZWL in favor of a foreign currency auction system which kicked off Tuesday with the weighted average rate more than doubling to 57.3582 ZWL to 1 U.S. dollar.