Relief: As Fuel Crisis Abates
Long fuel queues which had become a common scene across the country in the past month, have slowly disappeared, as the fuel crisis abates.
Fuel supply has gone back to normalcy after the country had been suffering from intermittent fuel supplies which where stimulated by the monetary reforms by Finance Minister Mthuli Ncube.
A survey around Harare has showed that the long fuel queues have disappeared after the government provided foreign currency for the buying of fuel.
On October 1, Minister of Finance Mthuli Ncube announced two reforms which caused a hyper inflationary environment which caused a wide rift in the parallel market which led to the surrogate currency (Bond notes) losing their value.
One of the measures was the 2% tax increment to be charged on the value of electronic payments and secondly the divisions of bank accounts into two separate accounts for nostro foreign currency (USD) account and Bond Notes account, Real Time Gross Settlement (Rtgs)
The erratic supplies of fuel in the country where further exacerbated by the scarcity of foreign currency in the country to buy fuel, fuel hoarding by the black market and panic buying by Zimbabweans.
Confederation of Zimbabwe Industries (CZI) president Mr Sifelani Jabangwe stated that the consumption of fuel had passed the normal threshold in the country, which caused an increase in foreign currency allocations for imports.
“There has been an increase in the consumption of fuel. We now need to increase our budget on fuel but it’s going to put pressure on the demand for foreign currency”.
“Fuel demands more foreign currency than any other commodity and that is my biggest worry. We will require an increase in exports to overcome that (foreign currency shortages),” said Mr Jabangwe.
The Increase in consumption of fuel was countered by the Reserve Bank Of Zimbabwe by injecting more foreign currency for the procurement of Fuel. According to information given by the Reserve Bank of Zimbabwe (RBZ) foreign currency allocated for fuel purchase was 132,9 million a week, which has leaped to 164,2 million.
Minister of Energy and Power Development, Dr Joram Gumbo alluded that the increase in the demand of fuel was as a result of the ”Zimbabwe is open for business mantra,” which has spanned business activity in the country. The statement by the minister only seems to be pro government which is only to give an impression the government is on the right trajectory.
Zimbabweans who are famous for adapting in situations had already made measures to get by the fuel shortages as Whatsapp groups had been created to alert desperate motorists on service stations with fuel right across the city.