Zimbabwe fuel traders lower prices

HARARE, Jan 15 (Xinhua): Fuel traders in Zimbabwe are gradually slashing the price of fuel as they move to comply with a government directive for them to cut prices by about 20 US cents.
Government issued a two-week ultimatum for fuel traders to cut prices by Jan. 14 this year in line with falling prices of crude oil on the international market.
The government directed traders to reduce the price of petrol from an average of US$1.54 per litre to $1.32 and for diesel to go down to $1.20 per litre from $1.44.
This follows a nearly 50 per cent drop in price of crude oil on the international market since June last year.
But a snap survey by Xinhua in the capital Wednesday indicated that the majority of fuel service stations were yet to fully comply with the directive.
Zuva Petroleum had by Wednesday afternoon cut petrol prices from $1.50 per litre to $1.41 and diesel from $1.36 per litre to $1.29.
Total Zimbabwe had reduced petrol price from $1.52 per litre to $1.45 and diesel from $1.40 per litre to $1.35.
Sakunda Energy was selling petrol at $1.44 per litre and diesel at $1.33 per litre.
A comment could not be immediately obtained from the energy regulator, the Zimbabwe Energy Regula-tory Authority but government previously warned that it would take stern measures against traders who fail to adhere to the new prices.