The Reserve Bank of Zimbabwe has set aside US$120 million towards importation of fuel this month.
In a statement seen by Great Dyke 24 yesterday, RBZ will be publishing on weekly basis, the status of fuel finance facilities available to the oil marketing companies for the procurement of fuel for sale to the public in local currency.
“For the month of March 2020, the fuel finance facilities being administered by local banks with support of the bank amount to US$120.
“Of this amount, US$18, 47 million worth of Letters of Credit have been confirmed for immediate drawing of fuel by OMCs from NOIC depot in Msasa, Harare as follows,” said RBZ.
A number of commuter omnibus operators are now taking advantage of the situation to hike fares, while Zupco buses are overwhelmed in many suburbs of Harare, leaving thousands of commuters stranded.
A survey conducted by Great Dyke News 24 reveals that diesel appears to be the more affected commodity that continues to be sold at a premium on the black market.