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Zimbabwe increases fuel prices for the second time in one week

Zimbabwe increases fuel prices for the second time in one week
July 22
12:43 2019
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Zimbabwe has increased petrol prices despite most pumps remaining dry, with no end in sight to shortages that are helping drive inflation rapidly higher.

On July 13, fuel prices were hiked by up to 16% after Mthuli Ncube, Zimbabwe finance minister, said fuel was considerably cheaper in Zimbabwe than in neighbouring countries.

Ncube had said he would like to see the price increase to the equivalent of $1 a litre.

On Monday, the Zimbabwe energy regulatory authority said a litre of petrol would now cost 7.45 Zimbabwe dollars, up 22% from 6.10 dollars, while diesel now costs 7.19 a litre, a 23% rise.

According to Reuters, diesel and petrol prices have gone up by 456% this year, in line with a slide in the value of the local RTGS currency, renamed the Zimbabwe dollar last month.

With inflation soaring, economic analysts say increases in fuel prices are adding to price pressures, especially as rolling electricity cuts are forcing businesses to use expensive diesel generators to power their operations.

In January, Zimbabwe experienced a 150% increase in fuel price which triggered violent protests, leading to the deaths of dozens of Zimbabweans.

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Exchange Rates

August 01, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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