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*Fuel Price Hike Painful But Necessary - Economists* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?wj The recent fuel price hike has caused mayhem in the economy as basically prices of all goods and services have been raised. President Emmerson Mnangagwa announced on Saturday night that the price of fuel will go up by a staggering 150 per cent. ---------- *HOT DEALS:* *itel A70 - (128GB, 3GB RAM) $89,* *itel A70 - (256GB, 4GB RAM) $99* *itel P40 (128GB, 4GB), (6000mAh) $99* *itel P40 (64GB, 4G), (6000mAh) $93* *LATEST: itel S24 (128) $124; S24 (256GB) $159* Cash on Delivery in Harare & Bulawayo. Tinotumira kwamuri inosvika. WhatsApp: 0️⃣7️⃣8️⃣3️⃣ 4️⃣5️⃣0️⃣ 7️⃣9️⃣3️⃣ ---------- Economists who spoke to Newsday said that although the public feels the inevitable pinch, in the long term it (fuel price hike) is a positive move. Economist John Robertson had this to say: > There will be steep increases in other costs. Increasing prices of fuel was the right thing to do. We had a wrong exchange rate. Fuel was too cheap and people from other countries were refuelling in Zimbabwe. > This was necessary. Unfortunately, (it) has side effects. This will trigger wage demands, inflation 40% and 50% before long. The companies are not making money already and they will close down. This will lead to serious job losses. Another economist Emmanuel Mugadza said the increase was an admission by Mnangagwa that the local currency had failed to match the US$. Said Mugadza: > This is a step in the right direction, but painful because the rising costs are not corresponding with income. The fuel hike will trigger price increases and ordinary Zimbabweans will suffer. Confederation of Zimbabwe Industries (CZI) president Sifelani Jabangwe said that things could have become worse if there was no such an increase. He said: > After three years and not a price increase, with the distortions in the market, it was more necessary but will be painful. > Things could have become worse without the increase. Right now, we will enter into discussions or we can go into other costs, including compensation of labour. *Related:* *Things Are Not Well, You Can’t Run An Economy This Way – Chamber Of Commerce Boss Tells Govt* *More: Newsday* _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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