Fuel Prices Likely To Go Up Again – OPINION

Analysts have projected that fuel prices will soon be reviewed up again following a proposal by the Finance Minister to increase fuel excise duty.

Finance and Economic Development Minister, Professor Mthuli Ncube, in his 2019 Mid-Year Budget Review Statement and Supplementary Budget on Thursday, proposed a fuel excise duty increase from 19% (petrol) and 16% (diesel) to 45% and 40%, respectively.

Analysts have projected an increase in fuel charges to at least Z$9 per litre.

This comes after the Zimbabwe Energy Regulatory Authority (ZERA) hiked fuel prices to $7.22 and $7.55 for diesel and petrol respectively.

Fuel prices tend to command a chain of reactions. Retailers and public transport operators always raise their prices whenever fuel prices are raised.

Some other business sectors including the telecommunications sector who have now resorted to the use of generators in the wake of a huge power deficit are also expected to be raising their charges.


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