Paraffin prices expected to go up after Govt imposes 40% duty

Presenting the 2017 budget last Thursday, Finance Minister Patrick Chinamasa, revealed that paraffin usage has increased from 12, 7 million litres per annum in 2009 to 75, 8 million litres this year.

He described the increase in paraffin imports as suspicious, arguing that power supply has improved while LP Gas and solar have become major substitutes for the liquid fuel which prompted him to impose an excise duty on paraffin with diesel at a rate of 40 cents a litre with effects from the 1st of January. The duty will see paraffin which has been selling at 60 cents being sold not less than $1.

The duty decision also comes at a time the country has been warned of looming critical power shortages as the national power company, Zesa Holdings, sinks deep into debt with regional power suppliers, Eskom South Africa and Cahora Bassa of Mozambique.

More: NewZimbabwe.com

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