Zimbabwe Energy Minister to meet fuel suppliers this morning


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Zimbabwe’s new Energy Minister Fortune Chasi is expected to meet fuel suppliers this morning and will hold a press conference at his office shortly after the meeting.

Chasi was appointed minister two weeks ago but has so far failed to solve the fuel crisis despite the price being hiked in line with the liberalised interbank rate.

Suppliers are reported to be holding on to their fuel because they want a higher price than the one that was set by the Zimbabwe Energy Regulatory Authority when the interbank rate was 4.6.

Yesterday the interbank rate was 5.2 which meant that fuel was now less than one United States dollar.

Finance Minister Mthuli Ncube has been at pains to persuade the nation not to think in US dollar terms but to look at inflation but business continues to peg prices on the black market rate of the US dollar which stood at 7.4 yesterday.

One of President Emmerson Mnangagwa’s advisors Eddie Cross argued that fuel queues would disappear in 48 hours if the market was allowed to determine fuel prices.

(79 VIEWS)

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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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