Zimbabwe increases price of fuel by nearly $2

Zimbabwe increased the price of fuel by nearly $2 a litre with effect from yesterday.

Diesel went up from $15.64 to $17.47 a litre while that of petrol increased from $14.95 to $16.75.

The price of fuel had been static for three weeks.

The Zimbabwe Energy Regulatory Authority used an exchange rate of 15.5711 to the United States dollar up from 13:1 three weeks ago.

The interbank rate is about 15.6 to US$1.

This means that the price of diesel is about US$1.14 while that of petrol is US$1.07.

Fuel is selling at US$1.25 a litre at service stations that sell it in foreign currency.

Finance Minister Mthuli Ncube said his wish was to get the price of fuel to at least US$1.

He also promised that price adjustments are likely to be completed by the end f this year with the country focusing on job creation and productivity from next year.

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