Saturday, 6 October 2018

Minister Speaks Out On Fuel Crisis

Energy minister, Jorum Gumbo has said Zimbabwe has adequate fuel stocks but panic buying and hoarding are causing stock-outs at filling stations.

“The sporadic fuel stock-out at service stations are being caused by a number of factors that include foreign currency shortages and panic buying by motorists, resulting from false social media messages,” said Dr Gumbo.

“At our Masasa and Mabvuku depots there is enough fuel and pumping is ongoing from Beira. We need 2,5 million litres of diesel a day and 1,5 million litres of petrol; we are able to meet those figures.

Gumbo also urged motorists not to purchase more fuel than they required.
Minister Speaks Out On Fuel Crisis
“The panic buying should not be expected as there is no need for that. There are also fears that the new 2c tax (on electronic transfers) could be contributing as people think that the price of fuel will shoot through the roof and people are hoarding.
He mentioned that the oil prices are rising meaning that the foreign currency the RBZ allocates to fuel companies that is around $20 million, mounting to 80 million litres a month, is no longer adequate.

However he reiterated that government is also developing a long-term model that will ensure multiple fuel importers source their own foreign currency and ease the burden on allocations from the central bank.
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