Govt as­sures na­tion on fuel sup­plies

Chronicle (Zimbabwe) - - Business Chronicle - Love­more Zi­gara

ZIM­BABWE has enough fuel stocks and there is no need for the pub­lic to panic, the Min­istry of En­ergy and Power De­vel­op­ment has said.

This comes af­ter play­ers in the petroleum in­dus­try re­cently raised the red flag ar­gu­ing that the de­ple­tion of nos­tro ac­counts had re­sulted in de­lays in pay­ments, which has made it long to clear such trans­ac­tions to fa­cil­i­tate im­por­ta­tion of fuel.

En­ergy and Power De­vel­op­ment Per­ma­nent Sec­re­tary Mr Part­son Mbiriri told Busi­ness Chron­i­cle the coun­try had enough fuel stocks to meet its re­quire­ments.

He said: “The is­sue of fuel im­por­ta­tion is a fi­nan­cial is­sue but we have ad­e­quate stocks in the coun­try. The point must be made that the stocks that we have in the coun­try are bonded and so what in­stru­ments to be taken to re­lease those stocks are fi­nan­cial mat­ters.”

“These are fi­nan­cial mat­ters, which trea­sury and the cen­tral bank will cer­tainly at­tend to and cer­tainly are seized with. I wish to re­as­sure the coun­try that we have ad­e­quate fuel to meet the coun­try’s needs,” added Mr Mbiriri.

The as­sur­ances come af­ter fuel re­tail­ers said they are in the quandary over the use of plas­tic money as fuel sup­pli­ers are de­mand­ing cash up front to re­plen­ish stocks.

Mr Temba Musekiwa, a ma­jor player in the re­tail sec­tor in the Mid­lands told the Zim­babwe En­ergy Reg­u­la­tory Author­ity dur­ing a stake­holder con­sul­ta­tive meet­ing in Gweru re­cently that some of the play­ers are now hav­ing their sup­plies ra­tioned be­cause of the cash chal­lenges.

The Re­serve Bank of Zim­babwe has warned that one of the rea­sons for the liq­uid­ity crunch in the coun­try is the dou­ble-dip­ping by us­ing nos­tro ac­counts for for­eign pay­ments, and us­ing the money for lo­cal cash de­mands. — @ lavuzi­gara1

Newspapers in English

Newspapers from Zimbabwe

© PressReader. All rights reserved.