Government Says it Will Protect Economy from Global Fuel Shocks

The government says it is acting to shield Zimbabwe’s economy from rising global fuel prices as tensions in the Middle East continue to disrupt oil supplies.

Officials announced another fuel price adjustment on Thursday after pressure from international markets.

Finance Minister Professor Mthuli Ncube said, “These are fundamentally external factors, and as a country we are at a price take unfortunately hence these fuel hikes.”

Treasury’s immediate aim is to limit how higher fuel costs ripple through the economy, especially on industry.

Professor Ncube warned that “if we had not intervened for example diesel could have been trading at over 220 per litre but we are cognisant of the fact that diesel is the biggest cost driver for industry so Government did not effect the extent of full increase, but we will however, seek to look at how best can we reduce other levies on fuel prices.”

Authorities added that fuel supply routes remain intact, so availability should continue despite the difficult global situation. – ZBC