JOHANNESBURG – Zimbabwe has raised the price of fuel by 26 percent, a move which puts more pressure on struggling citizens grappling with triple-digit inflation.
The hike follows Zimbabwe’s Finance Minister Mthuli Ncube raising import tax on fuel last week.
In a statement published on Sunday, the Zimbabwe Energy Regulatory Authority said petrol would now cost 9.01 Zimbabwe dollars ($0.025) up from 7.55 ($0.021). Diesel would cost 9.06 ($0.025) Zimbabwe dollars, a 26 percent increase, Al Jazeera reported.
Since June the price of basic goods and services has more than doubled after Harare renamed the RTGS currency as the Zimbabwe dollar, which has been sliding in value amid widespread shortages, including power, fuel and US dollars.
Zimbabwe motorists are battling with fuel shortages with the commodity rising by more than 500 percent this year. There have been four price increases since June.
The once-prosperous nation, which owes huge amounts in unpaid debts to electricity suppliers in SA and Mozambique, is experiencing serious power shortages.
Businesses are now resorting to using diesel generators due to regular 18-hour electricity cuts.