Zimbabwe has scrapped the diesel levy while considerably cutting the gasoline levy in order to keep fuel prices low.
In addition, Finance Minister Mthuli Ncube stated that the government has released petroleum from strategic fuel reserves in an effort to stabilize prices following significant pressure on global fuel prices due to the Russia-Ukraine crisis.
“This week, the government fully eliminated the diesel fee, bringing it to zero cents, and drastically reduced the petrol duty.” This measure stopped the price of gasoline from exceeding two dollars per liter,” Ncube stated during a press conference.
Ncube did not specify the amount of fuel released from the strategic fuel reserve, despite the fact that Information Minister Monica Mutsvangwa stated last month that the government was working to improve the strategic fuel reserve, with 40 million US dollars worth of fuel procured in the last six months.
“The goal is to keep at least a 30-day stock cover, which amounts to 150 million liters at current consumption levels.” This petroleum would be released into the market to fill supply gaps or to stabilize prices, according to Mutsvangwa.
Since the beginning of the conflict, the price of fuel in Zimbabwe has kept growing, and the government last week increased the price of gasoline to 1.77 US dollars per liter, up from 1.73 US dollars. Diesel is now 1.88 US dollars per liter, up from 1.76 US dollars.
As part of its efforts to decrease fuel prices, the government resumed gasoline blending with ethanol last month. Enditem
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