RYAN CHIGOCHE
The Zimbabwe Energy Regulation Authority (ZERA) says more service stations will sell fuel in local currency to cushion motorists that have been struggling to access US$ fuel.
Currently, about 57 outlets across the country are selling fuel in local currency.
ZERA chief executive Eddington Mazambani told Business Times: “Expectation is that more sites will be taken on board once the project gathers momentum. The current number of service stations accepting local currency translates to the number of service stations that have access to the RBZ fund to procure fuel that will be sold in local currency.”
Added Mazambani: “The programme is ongoing and is currently being rolled out to some retail sites that have been identified by ZERA through a collaboration with oil companies.’’
The government introduced the US$ charged fuel to counter arbitrage opportunities that arose from some service stations which were selling fuel in local currency without proper monitoring.
Fuel companies with free funds are not forced to sell their product in Zimbabwe dollars. They are allowed to sell their fuel in foreign currency of their choice.
The Zimbabwe dollar fuel scheme will be open to licensed service stations under set conditions. ZERA is expecting to have more outlets selling fuel in local currency.
