A man counts Zimbabwean dollar notes and coins next to a ten US dollar note on the streets of Harare. Picture: Tsvangirayi Mukwazhi/AP
A man counts Zimbabwean dollar notes and coins next to a ten US dollar note on the streets of Harare. Picture: Tsvangirayi Mukwazhi/AP

Zimbabwe hikes fuel prices 12% in another blow to inflation-weary consumers

By Reuters Time of article published Oct 29, 2019

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Harare - Zimbabwe has raised the price of

petrol and diesel by 12%, the second increase this month, the

energy regulator said on Tuesday, piling more pressure onto

consumers hit by soaring inflation.

The last round of fuel price hikes on Oct. 5. saw prices

rise 27% and was followed by a 320% increase in the cost of

electricity, triggering a spike in the cost of basic goods such

as sugar, maize meal and milk.

Petrol will now cost 16.67 Zimbabwe dollars ($1.07) a litre

while diesel will cost 17.47 Zimbabwe dollars, the Zimbabwe

Energy Regulatory Agency said.

The latest hike has failed to ease nationwide shortages,

with most of the fuel pumps in the capital still dry.

With prices surging, economists examining the official

monthly data put inflation in September at 380%.

Hopes that the economy would quickly rebound under President

Emmerson Mnangagwa, who took over after the late Robert Mugabe

was deposed in a coup in 2017, have dimmed fast as ordinary

people grapple with economic hardships.

The southern African nation is experiencing its worst

economic crisis in a decade, seen in the triple-digit inflation,

18-hour power cuts and shortages of U.S. dollars, medicine and

fuel that have evoked the dark days of the 2008 hyperinflation

under Mugabe.

Mnangagwa, who critics accuse of lacking commitment to

political reforms and using his predecessor's heavy-handed

tactics to stifle dissent, has pleaded for time and patience to

bring the economy back from the "dead". 

Reuters

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