Petrol will now be selling for $17.07 and diesel for $17.74.
The exchange rate used to calculate the new price fell marginally from 15.8573 to 15.9631.
Finance Minister Mthuli Ncube said the government has instituted new pricing frameworks for fuel and electricity that adequately reflect costs, including those resulting from changes in import prices and exchange rate fluctuations.
“The pricing framework for fuel also ensures that pump prices remain comparable to those charged in neighbouring countries, so as to remove arbitrage opportunities arising from illicit fuel exports,” he said in his 2020 budget speech.
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