National Oil Infrastructure Company of Zimbabwe (NOIC) board chairman Engineer Daniel Mackenzie-Ncube said that the banning of the multi-currency system will result in the price of fuel coming down as the foreign currency rates on the parallel market fall.
Mackenzie-Ncube also said that NOIC was working with the Reserve Bank of Zimbabwe (RBZ) to secure lines of credit to enable it to import more fuel to meet market demands. He said:
The move by Government to ban the multi-currency system has seen the exchange rates coming down and that movement should be felt in the prices of goods and services, fuel included.
The most important thing is that the black market rate and the interbank market rate are almost similar.
The incentive of selling fuel on the black market has been curtailed because of the currency reforms as initiated by the Ministry of Finance. That has assisted us a great deal.
Energy Minister, Fortune Chasi, last week said that the government is looking for ways to address the channelling of fuel to the black market which has resulted in unending queues at service stations.
More: The Herald
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National Oil Infrastructure Company of Zimbabwe is a government-owned company that distributes fuel products using the pipeline from Beira in Mozambique to a depot in Msasa, Harare. The products it distributes include diesel, petrol, jet A1, ethanol, and illuminating paraffin. It mainly distributes to ZERA... Read More About National Oil Infrastructure Company of Zimbabwe