Zimbabwe's President Emmerson Mnangagwa has ordered a review of fuel levies to avert further price increases, as international oil markets continue to be roiled by the war in Ukraine.
In an opinion article published in the state-owned Sunday Mail newspaper, Mnangagwa said the whole duty framework is being reviewed to cushion the economy from the “shocks and pressures” from rising fuel prices.
Mnangagwa said he directed the energy ministry to review and reduce surcharges on gasoline and diesel so that pump prices are manageable.
“There is no need for panic,” he wrote. “We need stability in the fuel market so we minimise imported inflation for price stability in the economy.”
The southern African nation, where consumer prices rose 66% in February from a year earlier, counts fuel as its largest import item, according to trade data. Last week it effected two price increases within five days.
A further fuel increase was held off, the energy regulator said on Saturday, saying it will “monitor market developments.” Government taxes contribute 26% of the pump price, according to the Zimbabwe Energy Regulatory Authority.
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