Zimbabwean Finance Minister Mthuli Ncube has warned that the country could be faced with further fuel price hikes to boost the new energy framework on the interbank forex market.
Currently, petrol and diesel cost more than ZWL5 against the official exchange rate of 1:8 to the dollar.The government has revamped the heavily subsidised Zimbabwe United Passenger Company to contain public anger. Diesel was the highest imported commodity between February and May at $307 million while petrol stood at $146m.
“This better than a deficit of $1.3 billion for the same period last year. This was, however, achieved through import suppression, including fuel and electricity,” Equity Axis said.
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