THE Zimbabwe Energy Regulatory Authority has lowered fuel prices, which were hiked last week in response to external shocks.

In its weekly price review on Sunday, ZERA set the maximum price for petrol at US$1,59 per litre from US$1,67 last week. Diesel will now sell for not more than US$1,60 per litre, down from US$1,68 last week.

This comes as the government has committed to subsidies to cushion consumers, for as long as the state coffers can bear.

Global oil prices have surged in recent weeks, with demand for key fossil fuels having spiked on anxiety of supply chain disruptions sparked by Russia’s invasion of Ukraine.