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Harare - The Zimbabwean government says fuel companies should have completed old stocks by January 14 2015, after which they should start reducing fuel prices.
Addressing a press conference on Friday afternoon, newly-appointed Energy Minister Samuel Undenge said fuel players should reduce prices in line with global prices.
He ordered fuel operators to reduce the prices to about $1.32 for petrol and $1.20 for diesel.
The move by government has come amid outrage across the nation - including among fellow ministers - that the price should come down.
On Thursday Tourism Minister Walter Mzembi questioned why Zimbabwe has not benefited from the plunge in global oil prices, saying had he been in charge of the energy portfolio he would have ordered an immediate investigation.
READ: Petrol price drop could have sting in its tail
Global oil prices have fallen sharply over the past seven months. Since June 2014 prices have more than halved.
In reaction to the falling international oil price, neighbouring countries, including South Africa and Zambia, have reduced fuel pump prices, a move that has benefited motorists and given households extra dollars to consume or save.
Zimbabweans have, however, not benefited from this. This is despite Zimbabwe being one of the countries which blends unleaded petrol with ethanol, which should make prices even cheaper.
ALSO READ: Zim enforces cheap petrol blend
