Some service stations on Tuesday increased the price of fuel to as high as 7 RTGS dollars per liter, up from about 5 dollars.
The latest price increase comes within a week after energy regulator, the Zimbabwe Energy Regulatory Authority on Monday last week increased the price of petrol from 3.35 RTGS dollar per liter to 4.97 dollars.
This was a day after the central bank scrapped the subsidized exchange rate for fuel imports of 1:1 between the local currency and the U.S. dollar, which had remained in place after the bank introduced the inter-bank foreign exchange market in February.
While the local currency debuted at 2.5 to the U.S. dollar on the inter-bank market in February, it has since weakened to about 5 on the inter-bank market and to around 7 on the black market.
While prices of fuel are going up, the commodity remains in short supply as the nation is facing foreign currency shortages to import adequate supplies.Post published in: Business