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President Mnangagwa Directs Finance Ministry To Reduce Duty On Fuel

President Mnangagwa Directs Finance Ministry To Reduce Duty On Fuel

President Emmerson Mnangagwa has directed the Government to enforce domestic remedies, including a reduction of duty on petroleum products, to control the price of fuel which went up twice last week.

The Zimbabwe Energy Regulatory Authority (ZERA) attributed the surge in fuel prices to geopolitical factors caused by the Russia-Ukraine conflict.

Following the latest review, which left diesel and petrol selling at US$1.68 and US$1.67 per litre, respectively, fuel in Zimbabwe is the most expensive in the SADC region, a development that angered players in the energy sector. 

Analysts say the surge could have a negative effect on the recovering economy.

The Sunday Mail quotes President Mnangagwa as calling for calm saying Government has taken measures to shield the economy from global disruptions. He said:

We are looking at the whole duty framework to cushion our economy from shocks and pressures from galloping fuel prices.

There is no need for panic. I have already directed the Ministry of Energy and Power Development to review and reduce duty and surcharges on fuel so the pump prices of petrol and diesel remain manageable.

We need stability in the fuel market so we minimise imported inflation for price stability in the economy. Cabinet will be seized with this issue in days and weeks ahead.

As of March last year, Zimbabwe’s total taxes and levies on diesel and petrol amounted to about US$0,30c per litre.

In an engagement with players in the insurance sector on Wednesday last week, Finance and Economic Development Minister Professor Mthuli Ncube said the Government was already in the process of reducing fuel taxes. He said:

It’s not easy to come up with risk mitigation measures, but one thing we have done is to lower the taxes on fuel from about 12,7 cents (US) to 8,7 cents (US), and that’s where we are now.

Prof Ncube said the Government is looking to reduce the taxes further.

More: The Sunday Mail

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43 Comments

Tech Zim 5 months ago

Dear readers please comment responsibily. We are by law instructed to report and disclose all comments that goes against our policy


5 months ago

WaveOfChange 5 months ago

This is not TechZim,kamunhu keZanu kids kuvhundutsa MaCitizens

JC Form IV 5 months ago

Hehehehede!!! Uuuuriiiii!!!! Maravaza igwara. Kutya kuendeswa kuMatapo Police Station

Maravaza 5 months ago

Iam now repenting forgive mi

Yvt 5 months ago

This is what should hve been done, also that minister Zhemu should just be fired munhu anoti fambai nema zupco !!!. Fuel should be even be us$1 handiti mthuli anoti we are having a budget surplus


Tech Zim 5 months ago

Dear readers please comment responsibily. We are by law instructed to report and disclose all comments that goes against our policy


..... 5 months ago

@Tech Zim musadekutinyepera bambo wazvifungawo sei hako at least unofunga hako

ziSuper reBlue 5 months ago

Same same 6 and 9......CCC👆


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Munhu waBantu 5 months ago

😂😂😂Wangiqhaqha ngokheko @Maravaza


Munhu waBantu 5 months ago

😂😂😂 Wangiqhaqha ngohleko @Maravaza


Cde 5 months ago

Vote ED 2023


Tkt 5 months ago

If i'm to add voice on this story, i would simply say Hon Prof Vostro this is tge right time to cuishion the economy from the global shocks totally

1--- remove 2% tax
2--- reduce VAT from the current levels to between 5-8%
3--- direct all employers as a head financial directorate to cuishion employees by giving them not less than 150USD allowances on top of their RTGS salaries
4--- MOST IMPORTANTLY DO NOT BE PUSHED TO TAKE THE GRAVE MISTAKE OF RE-DOLLARIZING as this will only cause more problems in tge near future


Jenarari 5 months ago

Ko Mari yekuti tiende kuBelarus, nekunorapwa kuChina nekutenga dzimba nemotokari zvema**** edu inozobva kupi nhaiweTikiti/Xhikiti?

Jinx 5 months ago

Simple and basic

vostoko 5 months ago

Who's President
i personally don't know mnangagwa but i know Chamisa


vostoko 5 months ago

Who's President
i personally don't know mnangagwa but i know Chamisa


vostoko 5 months ago

Who's President
i personally don't know mnangagwa but i know Chamisa


vostoko 5 months ago

Who's President
i personally don't know mnangagwa but i know Chamisa


vostoko 5 months ago

Who's President
i personally don't know mnangagwa but i know Chamisa


vostoko 5 months ago

Who's President
i personally don't know mnangagwa but i know Chamisa


vostoko 5 months ago

Who's President
i personally don't know mnangagwa but i know Chamisa


vostoko 5 months ago

Who's President
i personally don't know mnangagwa but i know Chamisa


vostoko 5 months ago

Who's President
i personally don't know mnangagwa but i know Chamisa


vostoko 5 months ago

Who's President
i personally don't know mnangagwa but i know Chamisa


vostoko 5 months ago

Who's President
i personally don't know mnangagwa but i know Chamisa


vostoko 5 months ago

Who's President
i personally don't know mnangagwa but i know Chamisa


▪️ 5 months ago

Attention seeker

Shadows 5 months ago

Right direction your excellence.
Pamberi nezanupf
Pamberi naED.
Pasi nekakomana kemombe ako


Homo Erectus 5 months ago

Hey Tech Zim - are you also denying us the right to free speech. You print whatever Mnangagwa and Chiwenga say and call us!!!!!!


Anonymous 5 months ago

Musanyepere TechZim,these are Zanu Pf hooligans,varikurwadziwa nema comments

Machiavelli 5 months ago

@ Homo Erectus Africa Wins Again (AWA)
Freedom of Speech we have. But Freedom After Speech is not guaranteed.

Simpuru

Dhehwa 5 months ago

Tinokumbirawo kuti muzopota muchitipawo update yelocal soccer. Thank you in advance


Jah🇿🇼Tsvarie-07 5 months ago

Thank you President, an ounce of prevention is worth a tonne of detection.

@Tech Zim, its those who hide identity using fake names and other people's names to spoil our Pindula platform. those who want politics join politics not to make noise here..


Homo Erectus 5 months ago

Hey Jah Tsvarie-7 ......is that YOUR real name?

Jinn 5 months ago

Hahahahaha so people believe this is TechZim.Regai kupusiswa mhani

Makelanwi 5 months ago

This man called ED,the coup master,drunken master is cruel.The topic sentence"President ED directs the Government to reduce taxes on fuel" raises some eyebrow.It seems the President operates in a vacuum.When is the directive going to implemented.He is buying time,and he is the culprit in the Energy Sector in the country.


Bereguru 5 months ago

He is just playing politics, where was he all along



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