Latest News Editor's Choice

News / National

Fuel price hikes again

by Staff reporter
23 Sep 2019 at 06:24hrs | Views
Zimbabwe on Monday raised fuel prices again, with petrol going up to ZWL11.55 and diesel going up to ZWL12.08 per litre in line with Finance Minister, Mthuli Ncube's suggestion that the price of fuel per litre be equivalent to US$1.00 as authorities continue to grapple with an unfavourable exchange rate.

The southern African country is still battling fuel shortages which are disrupting operations for companies. Commuter taxi fares have also been on the up, further burdening Zimbabweans who are having to do with power outages and other headwinds.

The local currency, which is also the biggest determinant of fuel prices in the country, has continued to weaken.
Finance and Economic Development Minister Mthuli Ncube has stated on record that Zimbabwe's fuel prices are low in light of the official foreign currency exchange rate.

This would mean the new price of fuel remains below US$1, making it among the cheapest in the region and internationally, according to Ncube.

Ncube has said he would like to see the price increase to the equivalent of $1 a litre.

Source - Byo24News