Fuel Situation Will Normalise This Week, RBZ Has Increased Forex Allocation – Energy Minister

Minister of Energy and Power Development Jorum Gumbo has said that the fuel situation will normalise this week after the Reserve Bank (RBZ) agreed to increase the foreign currency allocation for fuel. Gumbo blamed the recent fuel queues on panic buying and hoarding. Speaking to the Sunday Mail, Gumbo said,

…my Ministry has been negotiating with the RBZ to increase the allocation further to between $30 million to $35 million a week. We are happy that the RBZ has taken our recommendation and will do so.

…The other challenge is that when the RBZ released the $41 million for fuel imports, this was done through letters of credit and it takes between three and four days for the LCs to start reflecting at the suppliers’ side…So by yesterday (Friday), most of the LCs began maturing and deliveries commenced. The situation is now stabilising in spite of the continued panic buying, but as the LCs continue to mature, deliveries will continue as well and within three days we could be back to normal. But as long as people hoard the product, the situation may drag for a few more days.

More: Sunday Mail


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