Price of petrol in Zimbabwe shoots up to $3.31

The price of petrol has been increased to $3.31 a litre with effect from midnight tonight while that of diesel will be $3.11, President Emmerson Mnangagwa said.

Mnangagwa, however, maintained that the bond note and the US dollar were still at par but said the price increase was aimed at keeping fuel retailers viable.

He said foreign missions and registered foreign bodies will buy their fuel at designated points for US$1.24 a litre for diesel and US$2.32 for petrol.

To prevent generalized price increases, Mnangagwa said government will grant rebates to all registered business entities in the manufacturing, mining, commerce, agriculture and transport sectors.

Mnangagwa is off to Russia and Davos tomorrow.

Finance Minister Mthuli Ncube announced yesterday that Zimbabwe will have its own currency in less than 12 months.

He said currency reform had started on 1 October and Zimbabwe was not going to adopt the United States dollar or the South African rand as that was not currency reform but capitulation.

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