According to RBZ governor John Mangudya, the country spends 40 percent of its foreign currency earnings on fuel imports, with diesel taking a lion’s share of $851,7 million, while $384 million is spent on petrol imports, giving a total of $1,2 billion per year.
PEAKING at $1,47 per litre for petrol, fuel price increases are anticipated to have a ripple effect and lead to price jumps in essential consumer goods, denting Zimbabwe’s economic growth prospects, experts have warned.
Price rises at the pump follow a huge jump in oil prices over the past year after Brent Crude broke through the $80 a barrel mark in May for the first time in nearly four years, prompting industry apprehension on price increases.
Oil peaked at around $120 a barrel in 2014 but soon after dropped to as low as $40, with local diesel prices presently are an average of $1,32, up from $1,21 a week ago.
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