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News // Energy

Zimbabwe now has the most expensive gasoline in the world

16 January 2019 , 12:08Tsvetana ParaskovaNeftegaz.RU433

Harare, January 16 - Neftegaz.RU. Zimbabwe is on a 3-day nationwide strike and protests are erupting in the streets after the government of the southern African country doubled fuel prices, making gasoline sold in Zimbabwe the most expensive gasoline in the world.  

 

Zimbabwe is in the midst of an economic crisis and a shortage of foreign exchange, which has led to fuel and bread shortages, and many companies have stopped working because they can’t import raw materials.

 

According to Zimbabwe’s President Emmerson Mnangagwa - who succeeded the president of 38 years Robert Mugabe in November 2017 - the doubling of the fuel prices would help ease fuel shortages.

 

In a post on his official Facebook page, Mnangagwa wrote: «Following the current shortfall in the fuel market, we have chosen to act decisively. The shortage, attributable to increased fuel usage in the growing economy, and compounded by rampant illegal currency and fuel trading activities, is unsustainable and government has today decided on the following measures:A fuel pump price set at $3.11 per litre for diesel, and $3.33 per litre for petrol.»

 

The gasoline price of $3.33 per liter is now the world’s highest. According to data from GlobalPetrolprices.com, the world’s average gasoline price was $1.08 per liter.

 

In Zimbabwe, the trade unions and the main confederation of industries called for the 3-day strike and say it has been a success so far. The Confederation of Zimbabwe Industries said in a letter to the Industry Ministry that «The house is burning,» as many businesses are collapsing or on the verge of collapsing due to the lack of foreign exchange funds and economic chaos.

 

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