The Zimbabwe Energy Regulatory Authority (ZERA) has blamed the rise in fuel prices to the cost of the international fuel price.
In an interview with 263times, ZERA CEO, Mr Edington Mazambani said Zimbabwe currently imports most of it’s fuel hence the increase in prices.
“Zimbabwe is largely a price taker of fuel and also a net importer of the refined fuel product hence any movement on the international market is likely to have an impact on the final pump price, either upwards, downwards or no changes.
“From November 2020 to April 2021, international fuel prices have been going up hence the movement of the local prices.” He said.
Mr Mazambani said, “fuel price reviews are a result of many variables, some of which are triggered on the international market such as movement of the FOB, adding that, “all prospective procurement companies who meet the conditions (policy on importation of fuel by individuals) as set out by ZERA can apply for procurement license.”
The country is currently experiencing fuel shortages especially the one that is charged with the local currency.
When asked on whether the blending of imported fuel with locally produced ethanol is supposed to make it more affordable for ordinary citizens, Mr Mazambani said,
“Yes that’s true, blending does have a significant effect on the final fuel pump.”