Fuel price hike, Govt to rake in $3bn for Mnangagwa's govt

Government is set to generate over $3 billion from excise duty levied on petrol and diesel this year following the recent fuel price adjustment, according to a report compiled by Zimnat Asset Management.

Government reviewed fuel prices upwards on January 12, 2019 to eliminate rampant corruption that was taking place in the fuel sector, which resulted in spiking demand for petrol and diesel.

The fuel price adjustment left petrol prices at $3,31 per litre while diesel is retailing at $3,11 per litre. The price adjustments eliminated long winding queues for fuel as demand suddenly slumped.