via Govt slashes fuel prices – NewsDay Zimbabwe January 10, 2015
GOVERNMENT has ordered all fuel dealers to reduce fuel prices by at least 20 cents by next week following a massive 60% drop in the prices of oil on the international market.
Energy minister Samuel Undenge announced the directive yesterday saying the reduction should be done not later than Wednesday next week.
Addressing journalists in the capital, Undenge said the current fuel prices of around $1,50 per litre were no longer justifiable considering the global market price of oil had reached an all-time low of below $50 per barrel from $120 per barrel last June.
“It is important to note that the price of fuel is influenced by many factors in different countries. In Zimbabwe, the December FOB (free-on-board) based maximum pump prices that I expect to take effect by January 14 2015 are composed of almost 50% fixed costs and 50% variable costs,” Undenge said.
The latest development is likely to bring relief to local motorists who had continued to pay higher fuel prices compared to their counterparts in the region.
COMMENTS
Someone high up is fleecing the public – a very natural occurance in this country for the last 20 years, abit like the car number plate rip-off. However, the instructions from the minister of petrol supplies is a most welcome directive – but he knew that sooner, rather than later there was going to be big matata if the price was not reduced. The other thing left for him to deal with is the ethanol/petrol mix rip-off – he needs to cancel that deal entirely.
Babwe zonke ena mushi but ena Akona rite boss , government need the extra tax but have to drop fuel prices. Will food prices drop !!!!?????