@Naija Politico

A massive hike of 240 per cent in the prices of petrol and diesel goes into effect today in Zimbabwe.

Petrol was selling for 1.32 dollars (N481) per litre before Sunday’s hike. Now, it will be sold at $3.31 per litre.

President Emmerson Mnangagwa announced the increases Saturday night.

He said the prices were predicated on the prevailing rate of 1:1 between the U.S. dollar and the surrogate bond note.

Mnangagwa revealed the increases to journalists at the State House ahead of his tour of Eastern Europe and Switzerland.

He said: “The government has today decided on the following corrective measures, with effect from midnight tonight, fuel pump price of $3.11 per litre for diesel and $3.31 for petrol will come into effect.” (In naira terms petrol is N1204 per litre and diesel N1135).

“Guests of government by way of foreign missions, other registered foreign bodies and tourists will fuel and refuel at designated points at the price of 1.24 U.S. dollars per litre for diesel and 1.32 U.S. dollars per litre for petrol upon production of proper identification documents,” Mnangagwa said.

The fuel price increases coincided with government’s decision that the country will have its own currency within 12 months, thus jettisoning the US dollar.

Zimbabwean Finance and Economic Development Minister Mthuli Ncube said adopting the U.S. dollar or the South African rand would not solve the country’s macro-economic problems.

Asked to give a timeline on when local currency would be reintroduced, Ncube said it would be done “in less than 12 months.”

He said separating the parity between Real Time Gross Settlement accounts (RTGS) and foreign currency accounts (FCA) was the beginning of currency reforms which are necessary for pushing the country’s economy in the right direction.

“Our job is to introduce a currency that will be stable and less volatile. Dealing with the fiscal side is the first order to move towards a stable currency,” Ncube said.

Zimbabwe adopted the use of multi-currencies in 2009 after its local currency had been rendered worthless by hyperinflation.

To relieve cash shortages, the Reserve Bank of Zimbabwe introduced the bond note in late 2016.

Initially pegged at 1:1 against the U.S. dollar when it was introduced, the bond note, however, has gradually lost value against the real currency and is now trading at about one-third the value of the U.S. dollar.

Source: https://naijapolitico.com.ng/petrol-now-n1204-per-litre-in-zimbabwe/

This will be child's play compared to how much PMS would sell for in Nigeria, if the dullard were to be reelected.

Hmm

Zimbabwe does not produce oil so oil prices there can be whatever it wants to be.


Zombies are trying to justify the fraudulent fuel price hike of their corrupt saviour who said 5 years ago that "subsidy was a fraud" but went ahead to do just that.

I'm sure he is planning to increase it again hence this meaningless news.


*spits

Mugabe's strained relationship with the west really messed up that country...

madridguy:

At least we agree that Buhari is a failure

Now go and sin no more

Heaven has forgiven you

No more sai barbering again

Nahwah'oO

If the lifeless bigot should wins the next election this is how much we would buy fuel in Nigeria.

A mango tree does not worry when the Orange tree is producing fruits in its season. When you see me sitting in a restaurant without food on my table don’t feel pity for me, I am waiting for my order. When your season comes, nothing will stand in your way., The slow movement of a Lion doesn’t show weakness or tiredness but rather calculated steps to get it’s prey… Never bother how fast people are moving. Move at your own pace and trust God to see you through. Remember its not how fast you build your house but it’s how firm and strong your house will be when the storms come. Good things come to those who wait. Have a blessed and lovely Sunday

So we should make ours N700 ?
Do they have oil?

Trash are paid for to be brought to front page these days just for this election

Sorry Naija

How do they survive?

So what's your Point??

I fear for Nigeria if the dullardino mistakenly win the election

2litre = 2,408


The matter tie wrapper o...


Hopefully Oga @the top after them rig election next month will not continue his heartless plan from 145naira to the next higher level.....

Cuz I know say him go don draft plenty fear factor for Nigerians if only God can just do a miracle and answer our prayers...

We are coming after them. Thanks to Bubu

LuciferVirgin:
Zimbabwe does not produce oil so oil prices there can be whatever it wants to be.


Zombies are trying to justify the fraudulent fuel price hike of their corrupt saviour who said 5 years ago that "subsidy was a fraud" but went ahead to do just that.

I'm sure he is planning to increase it again hence this meaningless news.


*spits

So your Savior GEJ was wrong when he removed subsidy in 2012...? eh?


Look, GE removed subsidy in 2012 BECAUSE it was no longer sustainable. Nigerians like you opposed him then, he reinstated subsidy, by 2013...when import price of oil rose above the cost price..the subsidy became unsustainable...to the point that marketers were engaging in scams to keep afloat.(That is the scam that Bubu was talking about).

And when Bubu came, because he did not want to lose power...he kept subsidy until landing cost was N132....while we were selling fuel at N87. Meanwhile...oil prices had fallen, our revenues were falling...and we had no choice...that is when Kalichulwu and Emefiele talked sense...and subsidy was removed...prices raised to N145.

Now landing cost is N190. Prices are at N145. For every liter of fuel,we are paying N55 naira as subsidy....And that does not allow NNPC or marketers make a profit.....and that is why we do not have more refineries, our downstream sector is messy, and why we have scarcity, and more scams .

So, either prices rise, subsidy goes, we save trillions of naira that we can use for other things....or we keep subsidy...and keep on wrecking our economy



SUBSIDY MUST GO!

Wow! These are the people that really need IMF and China loans intervention

Dapo is the main man

Thank god for Buhari

Are they on recession? Lol

Wetin concern me with Zimbabwe fuel pump price.

I pity that country

E b like say Robert Mugabe better pass this Unagagua abi na wetin b that their current president funny name?

Sometimes rebelling against the system doesn't necessary mean a push in the right direction.

Just imagine Nigeria's rebellion against PDP in 2015

See Mugabe's rebellion against white rule...

Where did it all lead to? Nowhere.

See them

Best thing on a sunday on nairaland. DEEP!!!

Pvin:
A mango tree does not worry when the Orange tree is producing fruits in its season. When you see me sitting in a restaurant without food on my table don’t feel pity for me, I am waiting for my order. When your season comes, nothing will stand in your way., The slow movement of a Lion doesn’t show weakness or tiredness but rather calculated steps to get it’s prey… Never bother how fast people are moving. Move at your own pace and trust God to see you through. Remember its not how fast you build your house but it’s how firm and strong your house will be when the storms come. Good things come to those who wait. Have a blessed and lovely Sunday

Ours could be worse if you vote the vultures, vampires and witch party

https://www.nairaland.com/6184/nigeria-happiest-country-world
Then they came......vultures and vampires and cast a spell on us, took away our happiness and now we're the poorest unhappiest people in the world.
Vote wisely

zombieTRACKER:
Mugabe's strained relationship with the west really messed up that country...

The best president for them now would be someone that can bring them back into the international community and relieve their economics stress even if it means becoming a western puppet with sense.
There is no shame in it.

Not every country can survive been anti western.

You need to be strong before you can go it alone.