Prices of basic goods and services have more than doubled since June, when the government renamed the RTGS currency as the Zimbabwe dollar , which has been sliding in value amid widespread shortages, including power, fuel and US dollars.
That has stirred memories among an increasingly impoverished population of economic chaos a decade ago when rampant money-printing led to hyperinflation and forced the country to abandon its currency. In a statement published on Sunday, the Zimbabwe Energy Regulatory Authority said petrol would now cost 9.01 Zimbabwe dollars up from 7.55 . Diesel would cost 9.06 Zimbabwe dollars, a 26 percent increase.
Fuel prices have been increased four times since June and by more than 500 percent this year, as the value of the local currency has slid.Demand for fuel has also gone up as businesses use diesel generators due to 18-hour electricity cuts. The government is trying to end subsidies by raising the price of fuel and electricity tariffs and putting its finances on a strong footing, but that has unleashed inflation, eroding salaries and angering unions.
SA ? Sound familiar ?
What unions are there to talk about?
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: dailymaverick - 🏆 3. / 84 Read more »