Transport fares have gone up by 50 percent as commuter omnibus bus operators seek to hedge themselves against unstable prices of fuel and motor vehicle spares. The operators argue that the 2 percent tax on money transfers which was announced by Finance Minister Mthuli Ncube last week will result in price increases of spares. Short distances now cost 75 cents from the previous 50 cents while long-distance travel is now $1.50 from a previous $1.
National Transport Workers Union of Zimbabwe president Noah Gwande told NewsDay,
It is really the instability in prices and the pricing system which resulted in price increases of fuel and spares. So mainly, it’s a response to the price increases in the inputs required in transporting, which are fuel and spares…We do not have a formal government response to the crisis as we speak, so people are hedging themselves against price increases by resorting to increasing spares or anything commodity or service…
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Professor Mthuli Ncube is the Minister of Finance and Economic Development.He was the Chief Economist and Vice President of the African Development Bank ,financial, economics, investment, and public policy expert, entrepreneur and academic. Professor Ncube divides his time between the private sector in Switzerland and... Read More About Mthuli Ncube