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Government has reduced petrol and diesel prices by seven and five US cents respectively, as it continues working on economic variables that directly affect competitiveness.
A Statutory Instrument is likely to be issued this week to enforce the price reduction, which leaves a litre of petrol at a minimum US$1,28 and diesel at US$1,15. Since early 2015, global oil prices have been declining on the back of an oversupply of the product.
In January, a barrel of crude oil cost US$47,22, further declining to US$45,71 yesterday.
However, local fuel retailers had not factored this into their pricing structures; and even when they did over the past two weeks, petrol sold at US$1,35-US$1,43 and diesel for between US$1,18 and US$1,30.
Energy and Power Development Minister Dr Samuel Undenge told The Sunday Mail that Government had resolved to intervene to protect the public.
The Zimbabwe Energy Regulatory Authority, he said, had hired a consultant to come up with a pricing formula for the sector.
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