Zim government increase fuel prices by more than 100%

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GOVERNMENT has raised the prices of both petrol and diesel by more than 100 percent.

In a statement issued by the Zimbabwe Energy Regulatory Authority (ZERA) Tuesday evening, the increases are with effect from Wednesday, 24th June 2020.

Petrol at the pump will now cost $71.62 per litre, or US$1.28. Diesel will now cost $62.77 or US$1.09.

The developments come as Zimbabwe dumped a fixed exchange rate and started a foreign currency auction Tuesday with the Zimbabwe dollar trading at US$1 equipment to ZWL57. 36.

Since 2017, Zimbabwe has been experiencing long fuel queues as the commodity has been in short supply owing to foreign currency shortages, among other factors.

Previous efforts to raise the prices have not helped lead to fuel availability.

Observers reckon that liberalizing the fuel import sector and allow anyone with free funds to bring in the commodity could help improve fuel availability. – Zimbabwe Voice

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