It Is Illegal To Sell Fuel In Forex Only: ZERA Warns Service Stations

Fuel Forex- iHarare

It Is Illegal To Sell Fuel In Forex Only: ZERA Warns Service Stations

fuel queues- iHarare
Motorists queue to buy petrol in Harare, Zimbabwe, October 8, 2018. REUTERS/Philimon Bulawayo

The  Zimbabwe Energy Regulatory Authority (Zera) has warned service stations that are selling fuel in foreign currency (forex) only.

In written responses to The Chronicle, Zera Chief Executive Officer Engineer Eddington Mazambani said it is illegal for service stations that buy fuel using the local currency to decline all forms of payment including mobile money platforms from motorists.

Mazambani said only service stations that use their own offshore funds to source fuel may sell the product in the currency of their choice.

Muzambani explained:

It is illegal to refuse to accept all forms of payment (if fuel was purchased using local currency) and Zera is working with law enforcement agencies to ensure compliance in the sector. Only operators who would have used their own offshore funds to source fuel from the traders may sell the product in the currency of their choice.

Without providing figures, Mazambani said the blending programme which has come under criticism of late, is viable and in line with global trends. He said:

The blending programme is indeed viable. Fuel blending is a Government programme which is in synch with regional and global trends as countries are shifting towards cleaner, renewable and environmental friendly fuels.

Speaking to the same publication, National Oil Company of Zimbabwe (NOIC) chairperson, Engineer Daniel Mackenzie Ncube said the Reserve Bank of Zimbabwe (RBZ) must give a directive compelling service stations to implement dual pricing.

He stated that dual pricing using the inter-bank rate of the day should be considered for ordinary people without access to foreign currency.

Ncube said:

We must see a pricing policy which enables motorists to buy using swipe or any other form of payment using local currency at the prevailing interbank exchange rate. We not saying service stations should run at a loss, no, we want dual pricing because we all don’t have access to foreign currency.

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