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Zimbabwe - Monthly Economic Review - April 2012
Metal prices changed directions during the month of March 2012 but generally closed the month weaker. Crude oil prices zigzagged with no clear trend during the month of March 2012. Movement in oil prices could have been influenced by speculations on the likely break down of the Iranian tension with the West which would affect supply of crude oil. Prices may also have been influenced by the announcement by Saudi Arabia officials to raise oil production by as much as 25% in case of an oil shortage. On the other hand, according to the recent International Energy Agency (IEA) report, the OECD stockpiles are still well below the 5-year average. It was reported that the U.S and the U.K agreed to release some of their emergency reserves to pressure down the high oil prices. In Zimbabwe, prices of fuel went up by between US2 cents and US8 cents during the month of March 2012. Unleaded petrol went up to between US$1.45 and US$1.50 from between US$1.42 and US$1.44 while diesel shot to US$1.35 up from about US$1.32 per litre. Prices of the blended fuel, E10 also went up from US$1.36 to US$1.41 per litre. Prices firmed in response to increased local demand and firming international prices.