Fuel Price Goes Up

Zimbabweans are bracing themselves for a tough winter as the price of fuel increases by between 5 and 10 cents on the back of an international oil price surge.

The Herald reports that petrol will now cost between USD1.48 and USD1.65 per litre depending on the location. Diesel will retail at at between US$1,32 and US$1,45 per litre.

The pressure on international markets has been due to the tension between Iran and the West. Iran has threatened to close  the Strait of Hormuz, which is a narrow corridor through which one third of the world’s seaborne oil exports goes through, if more sanctions are imposed on it. Also the threat of use of force by the US and its allies has had a distabilising effect on the price of oil.

Cue price increases across the board.