Fuel prices hold steady
THE price of fuel yesterday remained unchanged at an average $1,34 for diesel and $1,38 to $1,45 for petrol despite the coming into effect of increased excise duty on petroleum imports on 1 December 2018.
Our Harare Bureau has also established that Government has reduced the mandatory blending ratio of ethanol with unleaded petrol from 20 percent to 15 percent. There were fears of an immediate hike in fuel prices yesterday as the excise duty on diesel and petrol rose by seven and 6,7 percent respectively.
Finance and Economic Development Minister Professor Mthuli Ncube announced the increase in the 2019 National Budget Statement a fortnight ago. A snap survey yesterday showed that fuel stations that were dispensing petroleum products had not increased prices. Nonetheless, Government announced that it has since released $60 million for the procurement of fuel, and assured the nation that the situation was under control. — Harare Bureau.