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Energy Minister Talks On Factors That Affect Fuel Prices

Zimbabwe’s Minister of Energy, Advocate Fortune Chasi has said that the recent hike in fuel prices is partly as a result of the location of Zimbabwe.

He admitted that the prices of crude oil had gone down worldwide adding that there are additional processes which are undertaken to come up with refined fuel which result in increased costs.

Chasi speaks when other countries are reducing the prices of fuel partly because of the reduction of crude oil prices. Posting on Twitter, he said:

Please take note that the price that has gone down is for crude. Crude means it’s unrefined. There are additional costs attendant on refining…

…costs also depend on location. It is therefore not correct to simply conclude that because fuel prices have gone down elsewhere they should everywhere or to the same degree.

Some social media users also suggested that the foreign currency exchange rates might have contributed to the increase. They observed that the depreciation of the local currency means more Zimbabwe dollars are needed to get foreign currency for the importation of fuel.

Zimbabwe has an acute shortage of fuel and the shortage has affected operations of many if not all sectors in the country.

More: Fortune Chasi

 

 

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3 comments on “Energy Minister Talks On Factors That Affect Fuel Prices

  1. Why not reduce the levies on the fuel. Obviously they desparately need the money regardless of the fact that Zimbabweans are being taxed to the bone.

  2. Nobody, Mr Minister, is expecting the fuel price to go down to the same degree in every place. And we do understand that the crude oil has to be refined. But if the raw product is costing less then so too should the finished product irrespective of location. The drop in price of crude oil has been significant – lowest in 20 years did I read? The reason, Mr Minister, why Zimbabwe does not benfit is known to all!

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