Zimbabwe’s energy regulator has increased fuel prices to US$2.08 for diesel (50) and US$2.06 for petrol (E20) per litre, as crude oil costs surge driven by the escalating conflict in the Middle East and major shipping disruptions.
This comes as transportation companies globally are flashing warning signs as diesel costs hit records, after rising by more than 70 percent from a year ago, which analysts attribute to the supply shock from the U.S. war with Iran.
Earlier this month, the Zimbabwe Energy Regulatory Authority (Zera) set fuel prices at US$1.95 per litre for diesel and US$1.99 for petrol (E20).
“Government interventions remain in place to mitigate the impact of global geopolitical developments on consumers,” Zera said after announcing the latest fuel price hike.
In the U.S., prices for diesel hit an all-time high of around $6.31 per gallon on Wednesday, according to AAA, driven by the Middle East crisis.