The Zimbabwe government has approved another fuel price increase by 67%, effective today seeing both petrol and diesel jump price, way beyond the reach of many.
Speaking to TechMag.TV the Permanent Secretary of Information, Publicity and Broadcasting services, Nick Mangwana said that government has increased the fuel prices in line with the new foreign currency interchange policy, which has seen the government stopping fuel subsidy with immediate effect.
“Yes the circular note that you have from Zimbabwe Energy Regulatory Authority is genuine, authentic and official on the fuel price p adjustments, following the recent removal of the 1:1 parity.
Effectively Petrol in Zimbabwe jumps from the current price of 3.34 per liter to $4.97, while Diesel price shoots from $3.19 to $4.89.
This move was necessitated to ease pressure from government which was continuously procuring fuel on behalf of petroleum players who then in turn pay RTGS low value , for petrol which the government procures at high USD value.
The immediate effects of the move will push inflation further in Zimbabwe, much to public outcry, who are already reeling under serious economic hardships