Fuel Now Available Due To Increased Prices- Energy Minister

In an interview with The Chronicle, the Minister of Energy Joram Gumbo said fuel is now available due to the increased prices.

He said people no longer hoard fuel like they did before. Said Gumbo:

Before the price adjustments, people were speculating and this led to hoarding of the commodity. Now that people have realised the fuel is available at the latest prices, there is no longer hoarding of the commodity. We are happy about the improvement and we hope it continues to be like that.

Reserve Bank of Zimbabwe Governor John Mangudya said while it was too early to give exact figures on the decline of the foreign currency demand, the bank has of late noted a drop in foreign currency demand. Said Mangudya:

It is a bit too early for the bank to give exact figures on the current fuel consumption as we are round about two weeks with the new pricing system. But two things that I can assure you are that, number one; we now have adequate measures in place to make sure that we continue with the availability of fuel that we are currently witnessing in the economy. Secondly; we have noted a decline on the foreign currency quantum that we were spending on fuel importation since the adjustment of the price and like I said before, we will give exact figures in a week’s time.

More: Chronicle

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