ZERA hikes fuel prices to US$1.77 for diesel, US$1.71 for petrol

Fuel prices in Zimbabwe just jumped significantly, with government subsidies barely cushioning what could have been an even nastier hit.

New pump prices as of March 4

• Diesel climbed to US$1.77 per litre from US$1.52.
• Petrol rose to US$1.71 per litre, up from US$1.56.
• Without government intervention, diesel would have hit US$1.90.
• Petrol was headed for US$1.81 before the cushioning kicked in.

ZERA's two-week window

• The Zimbabwe Energy Regulatory Authority announced the hike on Wednesday night.
• Prices hold for two weeks while ZERA monitors market conditions.
• Adequate fuel supply remains the agency's stated priority.
• The government slashed some of its own charges to soften the blow.

Global oil mess driving it all

• Middle Eastern geopolitical tensions pushed crude costs upward.
• Joint US-Israeli strikes on Iran and subsequent retaliation spiked fears.
• Supply disruption concerns rattled oil markets worldwide.
• Brent crude surged, dragging pump prices up across the globe.