NO ONE Is Licenced To Sell Fuel In Forex, Service Stations Are Exploiting Loophole: ZERA Makes Stunning Reversal

Service stations not licensed to sell in forex- iHarare
No service stations licensed to sell fuel in forex says ZERA CEO
ZERA speaks on ‘fuel price hikes’
Motorists queue to buy petrol in Harare, Zimbabwe, October 8, 2018. REUTERS/Philimon Bulawayo

 

Appearing before parliament, Zimbabwe Energy Regulatory Authority (ZERA) acting CEO Eddington Mazambani said no service station is licensed to sell fuel in foreign currency.

Mazambani’s comments come after ZERA increased fuel prices in United States dollars. The new prices caused an uproar on social media prompting ZERA to release a price build-up statement.

After the fuel increase by ZERA,

Mazambani told Parliament that service stations are using a loophole to sell fuel in foreign currency.

Mazambani said:

…I remember indicating to the committee that people are using a loophole in the laws and I cited specific Statutory Instruments and also at the end of it all I then also cited covid-19 initiatives done by the Government. There’s no outlet which is licensed by ZERA to sell fuel in foreign currency.

Watch a video of him appearing before parliament below:

ZERA also said the price of fuel will now be reviewed on a weekly basis in line with the newly introduced forex auction conducted every Tuesday. This is a shift from monthly price reviews.

This is not the first time Government has shown inconsistency in terms of fuel pricing.

In February this year, the Reserve Bank of Zimbabwe said that all fuel could be sold in United States Dollars.

The announcement by the central bank came a few days after Zuva Petroleum announced it had established some service stations which are now trading solely in United States Dollars.

Mangudya further instructed ZERA to register all fuel service stations that have their own sources of foreign currency to import and sell the fuel in USD.

 

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