Zimbabwean President Emmerson Mnangagwa said the prices were based on the prevailing rate of 1:1 between the U.S. dollar and the surrogate bond note.
Africa Industry

Zimbabwe announces 240% increase in fuel price

HARARE - Zimbabwean President Emmerson Mnangagwa on Saturday announced fuel price increases of about 240 percent with effect from January 13. He said the prices were based on the prevailing rate of 1:1 between the U.S. dollar and the surrogate bond note. 

Addressing journalists at the State House ahead of his Eastern Europe and Switzerland tour, Mnangagwa said: “The government has today decided on the following corrective measures, with effect from midnight tonight, fuel pump price of 3.11 dollars per litre for diesel and 3.31 for petrol will come into effect.”  

Petrol was selling for 1.32 dollars per litre in the Southern African country before the hike.  

“Guests of government by way of foreign missions, other registered foreign bodies and tourists will fuel and refuel at designated points at the price of 1.24 U.S. dollars per litre for diesel and 1.32 U.S. dollars per litre for petrol upon production of proper identification documents,” Mnangagwa said.

(Xinhua)