Almot Maqolo, Staff Writer 
THE Zimbabwe Energy Regulatory Authority (Zera) says fuel prices could keep falling in Zimbabwe if global relief persists.
It comes as local prices have been on a downward trend since October, with diesel selling for not more than US$1,68 per litre in December compared to US$1,79 two months ago.
Blended petrol is being sold for not more than US$1,55 per litre, down from US$1,65 in October.
“Zimbabwe does not import crude oil as we do not have a refinery and any movements in the international fuel prices affect the Zimbabwe prices, however, we use a pricing model, which takes the average prices for the previous month to determine the current month’s prices,” Zera chief executive, Eddington Mazambani told The Financial Gazette this week.
“We have witnessed two consecutive drops in fuel prices in the last two months due to the reduction in international fuel prices.
“If the trend continues in December, the prices for January 2024 will drop, but fuel prices are unpredictable, we can have a huge jump which can negate all the drops we have been seeing in December 2023,” he added.
The changes followed a reduction of Brent crude oil prices on the international market, which have been attributed to a self-correction of the market aftershocks that were caused by the onset of the recent Middle East conflict.
Meanwhile, the fickleness of the oil market was on full display on Monday after prices shot up following attacks by Yemen’s Iran-aligned Houthi militants on ships in the Red Sea, which disrupted maritime trade and forced companies to reroute vessels.
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