johnnymk
06-28-2006, 08:34 AM
http://allafrica.com/stories/200606200851.html
DIESEL and petrol prices have skyrocketed to between $400 000 and $600 000 a litre from $206 000 and $280 000 at a time when supplies of the commodities have dwindled.
The latest fuel price increases come barely a month after another round of increases was effected.
A survey carried by The Herald yesterday showed that most filling stations in Harare and its surrounding areas reviewed their fuel prices upwards last Friday.
Despite the increase in the price, the commodity was in short supply at most service stations with some fuel attendants professing ignorance on when they will receive their next deliveries.
There were long winding queues of cars at the few filling stations that had fuel, such as Ford Garage along Chiremba Road in Chadcombe.
Secretary for Energy and Power Development Mr Justin Mupamhanga yesterday said he was not aware of the latest fuel price increase.
"I am not aware that the price of fuel has increased. At the moment, I have no comment," he said.
Commenting on the latest fuel price increases, the Petroleum Marketers Association of Zimbabwe spokesperson and BP Shell corporate affairs secretary Mr Rodrick Kusano said it was difficult to tell what had triggered the latest price increase.
"It is very difficult to tell why the price of fuel has been increased as people are getting free funds and some from the Diaspora to import fuel.
"Individuals are importing the fuel. It is not the oil companies which are controlling fuel," he said.
The price of fuel surged about three weeks ago from between $175 000 and $200 000 a litre to between $206 000 and $280 000 for the same unit.
The Reserve Bank of Zimbabwe (RBZ) last month unveiled a US$50 million ($5,1 trillion at the prevailing exchange rate) revolving fuel import facility.
This followed an agreement signed between the central bank and French bank, BNP Paribas, and co-arranger of the facility, Loita Capital Partners International.
Under the facility, which will run for the next year on a revolving basis, the National Oil Company of Zimbabwe (Noczim) will import fuel for both the private and public sectors.
Zimbabwe has been facing intermittent fuel shortages over the past six years owing to a foreign currency crunch caused by illegal sanctions imposed against the country by the West.
The country requires US$40 million for its monthly fuel requirements and the US$50 million facility is expected to go a long way in improving fuel availability due to its revolving nature.
DIESEL and petrol prices have skyrocketed to between $400 000 and $600 000 a litre from $206 000 and $280 000 at a time when supplies of the commodities have dwindled.
The latest fuel price increases come barely a month after another round of increases was effected.
A survey carried by The Herald yesterday showed that most filling stations in Harare and its surrounding areas reviewed their fuel prices upwards last Friday.
Despite the increase in the price, the commodity was in short supply at most service stations with some fuel attendants professing ignorance on when they will receive their next deliveries.
There were long winding queues of cars at the few filling stations that had fuel, such as Ford Garage along Chiremba Road in Chadcombe.
Secretary for Energy and Power Development Mr Justin Mupamhanga yesterday said he was not aware of the latest fuel price increase.
"I am not aware that the price of fuel has increased. At the moment, I have no comment," he said.
Commenting on the latest fuel price increases, the Petroleum Marketers Association of Zimbabwe spokesperson and BP Shell corporate affairs secretary Mr Rodrick Kusano said it was difficult to tell what had triggered the latest price increase.
"It is very difficult to tell why the price of fuel has been increased as people are getting free funds and some from the Diaspora to import fuel.
"Individuals are importing the fuel. It is not the oil companies which are controlling fuel," he said.
The price of fuel surged about three weeks ago from between $175 000 and $200 000 a litre to between $206 000 and $280 000 for the same unit.
The Reserve Bank of Zimbabwe (RBZ) last month unveiled a US$50 million ($5,1 trillion at the prevailing exchange rate) revolving fuel import facility.
This followed an agreement signed between the central bank and French bank, BNP Paribas, and co-arranger of the facility, Loita Capital Partners International.
Under the facility, which will run for the next year on a revolving basis, the National Oil Company of Zimbabwe (Noczim) will import fuel for both the private and public sectors.
Zimbabwe has been facing intermittent fuel shortages over the past six years owing to a foreign currency crunch caused by illegal sanctions imposed against the country by the West.
The country requires US$40 million for its monthly fuel requirements and the US$50 million facility is expected to go a long way in improving fuel availability due to its revolving nature.