Zimbabwe fuel prices rise yet again as local currency falters against USD  - Zimbabwe Situation

Zimbabwe fuel prices rise yet again as local currency falters against USD 

Source: Zimbabwe fuel prices rise yet again as local currency falters against USD | CGTN Africa

Pump nozzle sucking dollars

Fuel prices have risen again in Zimbabwe, exactly a month after the last increases, as the local currency falters against U.S. dollar.

Diesel now costs 5.84 Zimbabwe dollars per liter, up from 5.07 dollars per liter, while petrol now sells for 6.10 dollars from the previous 5.26.

Energy regulator the Zimbabwe Energy Regulatory Authority (ZERA) announced the new prices on Twitter overnight on Friday, prompting some queries from some consumers who were unhappy with the move.

Finance and Economic Development Minister Mthuli Ncube had said earlier during the week that fuel and electricity tariffs would be reviewed because the current pricing model was no longer sustainable.

Apparently, fuel prices continue to rise in tandem with the foreign currency exchange rate where the Zimbabwe dollar was on Friday trading at 10: 1 U.S. dollar.

ZERA in June increased the price of diesel to 5.07 dollars a liter from 4.88 dollars, while the price of petrol rose to 5.26 dollars a liter from 4.96 dollars.

Fuel prices have gone up several times in 2019, starting with a 150 percent increase in January which saw the price of petrol go up from 1.64 dollars per liter to 3.39 dollars when the local currency was still pegged at par with the U.S. dollar.

COMMENTS

WORDPRESS: 2
  • comment-avatar
    Tendai 3 months ago

    You have been warned ! This fuel price will double to ZW$ 10 PER LITRE very very soon .

    There is a huge gap between this price and the market exchange rate.

    If , you want, I am selling US$ at 21 to the Zollar , and if you dont want, thats okay because inside 90 days that will be the price of us$ ……….21:1 .

    Why 21:1 ? Well because I bought the US$ AT 12 :1 to import engine oil , brake fluid and transmission oil and my markup is 50% , but if I can make 50% on my US$ without the fights and bribes to with Customs to get the oil in through Plumtree , then I will just deal in the cash and get my 50% profit margin

    You see the Bond notes at Roadport on Friday from the banks are all new crispy clean , fresh printed , and the Government is denying printing

    When ZANU PF or the Minister is denying something you can be sure its the opposite .

    We have started that 2007 nonsense again , there is no forex , thats the truth , everything else is just telling liars

  • comment-avatar
    GoRobin 3 months ago

    I totally agree. The Bondi Ponzi can only last for so long like in 2007 until it all comes crashing down like it did in 2008. ZANU PF again. This time it is the crocodiles doing. Only fools can’t see it coming, and there are plenty of them.