Zimbabwe’s President Emmerson Mnangagwa has announced a sharp increase in fuel prices in a measure to improve supplies as the country struggles with its worst petrol shortages in a decade.
In an address on state television, Mnangagwa said prices of petrol and diesel would more than double to tackle a shortfall caused by increased fuel usage and illegal trading. He said from midnight petrol prices would rise to three dollars, thirty-one cents form one dollar, twenty-four cents per liter and diesel prices to three dollars, eleven cents form one dollars, thirty-six cents per litre.
The finance minister this week said the prices were lower than other countries in the region and some foreigners were taking advantage buying fuel in bulk in Zimbabwe for resale in neighboring countries.
Mnangagwa said foreign diplomats and tourists would get fuel at cheaper prices at certain designated points. As part of financial reforms, Zimbabwe also plans to re-introduce a local currency “in less than twelve months”, after using the US dollar and regional currencies since its hyperinflation crisis a decade ago.