The Zimbabwe Energy Regulatory Authority (ZERA) has once again increased the retail prices of diesel and petrol.

The latest price hike for April is the third time in recent weeks since the escalation of the geopolitical tensions in the Middle East involving US, Israel and Iran resulting in the disruption of the movement of oil.

This Thursday, ZERA issued a statement announcing the latest round of increases in the price of diesel and petrol.

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The price of diesel rose from US$2.05 to US$2.11 per litre while petrol went up from US$2.17 to US$2.23 per litre.

"...while government ensures security of fuel supply, ZERA notices that the cost pressures are piling up, and these require that prices be reviewed for two weeks to avoid fuel shortages and arbitrage," ZERA said in a statement.

"Since the last price review, FOB prices for diesel have gone up by 33.16%, and for petrol by 5.96%."

Government says it is taking deliberate action to ensure that fuel brought into the country is accessed by all fuel stations, including those in remote areas.

ZERA said the price of petrol is expected to decrease at the next review in a fortnight to coincide with the start of increased ethanol blending from E5 to E20.

With the mining, agriculture, haulage and passenger services in mind, government, through ZERA, says it is working to keep the prices of diesel at affordable levels to mitigate the impact on the various sectors.

"Government will endeavour to keep the price of diesel lower than what it ought to be. Without government intervention, the price of diesel would have been US$2.65 per litre," said the regulator.

Inorder to ensure that diesel stocks don't run out in future amid confirmation that the nation has three months supply of fuel, government has, with immediate effect, approved the importation of diesel by road, in addition to pipeline and rail.