Fuel price shock! Zim’s petrol price to more than double

Fuel prices in Zimbabwe will more than double on Sunday, President Emmerson Mnangagwa announced late on Saturday evening.

This was the first time Mnangagwa addressed the nation on the growing crisis around persistent fuel shortages and Zimbabwe’s worsening economic environment.

Mnangagwa is officially on leave but has been seen executing his daily duties.

“With effect from midnight tonight, a fuel pump price of $3.11 per litre for diesel and $3.31 per litre for petrol will come into effect. These prices are predicated on the ruling official exchange rate of 1:1 between the bond note and the US dollar and also on the need to keep fuel retailers viable,” Mnangagwa said at State House in Harare.

Before the increase, diesel cost $1.38 a litre, and petrol $1.43 a litre.

Mnangagwa was flanked by deputy president Constantino Chiwenga, agriculture minister Perence Shiri and finance minister Mthuli Ncube.

Ncube on Friday told a town-hall meeting in the affluent Borrowdale suburb in the capital that the country could expect to have a new currency within a year.


Source link : https://www.timeslive.co.za/news/africa/2019-01-12-fuel-price-shock-zims-petrol-price-to-more-than-double/

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Publish date : 2019-01-12 20:05:00

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