Home » Business » ZIMBABWE GOVT TELLS FUEL RETAILERS TO REDUCE PRICES FOLLOWING EXCIXE DUTY REDUCTION

HARARE, The Zimbabwe government has told fuel retailers that it expects them to reduce prices of the commodity with immediate effect in line with the government's move to reduce the excise duty on fuel imports.

On Monday, the government reviewed downwards excise duty on fuel imports, with petrol now being levied a tax of 38.5 cents per litre, down from 45 cents, while the duty on both diesel and paraffin is lowered to 33 cents per litre from 40 cents previously.

High fuel prices, pushed up by a number of government taxes, have been cited as one of the major drivers of the high cost of doing business in the country.

Energy and Power Development Minister Simon Khaya-Moyo told a media conference here Tuesday that the maximum allowable pump price for petrol now is 1.35 US dollars per litre, down from 1.40 USD per litre while the price for diesel is now pegged at 1.23 USD, down from 1.30 USD per litre.

Paraffin will now be sold at a maximum price of 1.17 USD per litre, down from 1.24 USD per litre.

Khaya-Moyo said he expected industry players to adjust their prices accordingly. "I expect nothing less than immediate compliance, he said.

Source: NAM NEWS NETWORK

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