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40% fuel should be sold in Zimdollars

by Staff reporter
20 May 2021 at 21:21hrs | Views
ENERGY Minister Soda Zhemu has said 40% of fuel should be sold in local currency.

His remarks, reported by the state broadcaster Zimbabwe Broadcasting Corporation on Wednesday, came in the wake of the lack of fuel sold in Zimbabwe dollars.

He said motorists should be afforded the opportunity to buy fuel in Zimbabwe dollars as the Reserve Bank of Zimbabwe (RBZ) is providing foreign currency to fuel operators in exchange for local currency to procure the commodity.

There are two ways in which fuel is procured in Zimbabwe, either through free funds or through the RBZ facility of foreign exchange auction system — which means there are two options to buy fuel — with foreign currency or local currency.

"It should follow that there should be service stations equaling close to 40% selling fuel in local currency and if that is not the case, there is need for the Zimbabwe Energy Regulatory Authority (ZERA) to investigate what exactly is happening," the minister said.

Source - Xinhua

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