A theoretical analysis of modulational instability (MI) of optical pulses propagating near the zero dispersion wavelength of a lossless fibre with the effect of delayed saturable nonlinear response is presented. We calculate the exact dispersion relation with the effect of higher dispersion for the harmonic perturbation. We analysed the impact of fourth-order dispersion effects in the MI spectrum. We examine the possibility of MI in both dispersion regimes, regardless of the sign of the group velocity dispersion.