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Mnangagwa's government confirms fuel shortages

by Staff reporter
17 May 2018 at 07:20hrs | Views
GOVERNMENT yesterday blamed the current fuel shortages on foreign currency challenges and what it termed "adverse international market forces".

In a statement, Energy and Power Development minister Simon Khaya Moyo said efforts were underway to restore normal fuel supplies in the country after most parts of the country started experiencing fuel shortages since last week.

"The government wishes to assure the public that the situation is under control, hence there is no need for the panic buying of fuel," he said.

Moyo said there had been an unprecedented increase in fuel consumption in the past three months, with demand for petrol and diesel going up by 22% and 8%, respectively.

He said the Reserve Bank has been allocating money for fuel importation to oil companies at an average rate of $10 million a week, without heeding the adjustments in demand.

"As at May 14, 2018, third party stocks in bond in the country are adequate for the next 25 days for diesel and 14 days for petrol," he said.

Moyo warned that the Zimbabwe Energy Regulatory Authority was closely monitoring fuel traders to ensure compliance with regulated prices.


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Source - newsday

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