President Emmerson Mnangagwa has blocked the government from implementing a third fuel price in just over a week.
The President directed his government to review and reduce charges on fuel to cushion the local economy from instability in oil prices on the global market.
This comes after the prices of fuel shot up on Wednesday. Just days after announcing the new energy prices for March, the Zimbabwe Energy Regulatory Authority (ZERA) announced a sharp increase in fuel and Liquified Petroleum Gas (LPG) prices.
The new increase came just days following another review and fuel price increase. The government said that the increase in prices was being caused by the ongoing war between Russia and Ukraine, which has reportedly affected fuel supplies.
The president has since blocked a third fuel price hike and directed his government to come up with measures to ensure that the price of fuel remains relatively stable despite what is going on globally.
In an article in the Sunday Mail, President Mnangagwa said,
“We are looking at the whole duty framework to cushion our economy from shocks and pressures from galloping fuel prices.
“There is no need for panic. I have already directed the Ministry of Energy and Power Development to review and reduce duty and surcharges on fuel, so the pump prices of petrol and diesel remain manageable.”
The president went on to say that his cabinet will deliberate on long term measures to ensure that the price of fuel remains stable.
“We need stability in the fuel market, so we minimise imported inflation for price stability in the economy. Cabinet will be seized with this issue in days and weeks ahead.”
Energy and Power Development Deputy Minister Magna Mudyiwa admitted that Zimbabwe’s fuel prices were high due to domestic taxes and duties.
“It’s true that our fuel prices are among the highest, especially in the region due to some domestic taxes and duty. The reduction of these (duty, tax and surcharges) will definitely see our fuel prices significantly going down. We will be reviewing the situation and provide further information in due course.”
This comes after the prices of fuel shot up on Wednesday. Just days after announcing the new energy prices for March, the Zimbabwe Energy Regulatory Authority (ZERA) announced a sharp increase in fuel and Liquified Petroleum Gas (LPG) prices.
The new increase came just days following another review and fuel price increase. The government said that the increase in prices was being caused by the ongoing war between Russia and Ukraine, which has reportedly affected fuel supplies.
The president has since blocked a third fuel price hike and directed his government to come up with measures to ensure that the price of fuel remains relatively stable despite what is going on globally.
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| President Emmerson Mnangagwa Blocks Third Fuel Price Hike In Days, Says Government Should Reduce Duty and Taxes |
“We are looking at the whole duty framework to cushion our economy from shocks and pressures from galloping fuel prices.
“There is no need for panic. I have already directed the Ministry of Energy and Power Development to review and reduce duty and surcharges on fuel, so the pump prices of petrol and diesel remain manageable.”
The president went on to say that his cabinet will deliberate on long term measures to ensure that the price of fuel remains stable.
“We need stability in the fuel market, so we minimise imported inflation for price stability in the economy. Cabinet will be seized with this issue in days and weeks ahead.”
Energy and Power Development Deputy Minister Magna Mudyiwa admitted that Zimbabwe’s fuel prices were high due to domestic taxes and duties.
“It’s true that our fuel prices are among the highest, especially in the region due to some domestic taxes and duty. The reduction of these (duty, tax and surcharges) will definitely see our fuel prices significantly going down. We will be reviewing the situation and provide further information in due course.”
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