(3 minutes read)
· Zimbabwe’s fuel prices will increase by 152%, after the government removed a fixed exchange rate in place since March, according to country’s energy regulator
· Zimbabwe has been undergoing its worst economic crisis in the recent times marked by high inflation, food and medical shortages
· Now, the petrol prices will increase by 71.62 Zimbabwe dollars (U.S. $1.25) per litre, from 28.96 Zimbabwe dollars previously and the diesel price will now be 62.77 Zimbabwe dollars from 24.93 Zimbabwe dollars
Zimbabwe’s fuel prices will increase by 152%, after the government removed a fixed exchange rate in place since March, according to the country’s energy regulator. The last time the country saw a similar steep rise in fuel prices was in January 2019, when violent protests broke out, killing 17 people after a crackdown by the security
forces.
Zimbabwe has been undergoing its worst economic crisis in recent times marked by high inflation, food and medical shortages. Now, the petrol prices will increase by 71.62 Zimbabwe dollars (U.S. $1.25) per litre, from 28.96 Zimbabwe dollars previously and the diesel price will now be 62.77 Zimbabwe dollars from 24.93 Zimbabwe dollars.
Zimbabwe began weekly foreign currency auctions recently. The move is aimed to increase efficiency in the allocation of scarce U.S. dollars in the economy, ending a fixed exchange rate of 25 local dollars to the United States dollar, since March 30. The average exchange rate closed at 57.3582 Zimbabwe dollars to one US dollar after the first auction.
