Zimbabwe increases price of diesel to $15.64

Zimbabwe, which has been battling will fuel shortages for the whole of this year, today increased the price of diesel to $15.64 a litre and that of petrol to $14.97.

It used an exchange rate of 13:1 which is still below the interbank rate which officially stood at 15.26 yesterday.

Finance Minister Mthuli Ncube has said he would prefer the price of fuel in the country to be at least the equivalent of US$1 which means that the price can still be increased.

Ncube has also stated that austerity measures should be completed by the end of this year so that the country concentrates on job creation and productivity.

Garages that sell fuel in foreign currency are charging an average of US$1.25 a litre which at the interbank rate is $19.08.

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