Oil company reconfigures fuel prices

Michael Magoronga, Business Correspondent
THE National Oil Infrastructure Company of Zimbabwe (NOIC) has started working towards realigning forex fuel prices to ensure they match with local currency in line with new forex usage regulations.

The company has also vowed to ensure continued availability of fuel sold in local currency.

This comes as concern has been raised over non-availability of fuel sold in Zim-dollar at a time when most workers, largely civil servants, are paid in local currency.

Addressing a virtual Kwekwe Press Club on Monday evening, NOIC chairperson Engineer Daniel Mackenzie-Ncube said the company had taken heed of the concerns by motorists and was working towards addressing them.

“Concern was raised in terms of pricing problems, US against the RTGS and that is something that we are working on. We are addressing the issue so that the prices get favourable where one is buying using foreign currency or local currency,” said Eng Mackenzie-Ncube.

He said the promulgation of Statutory Instrument 127 of 2021 last week, which buttresses the use of the local currency by penalising abusers of forex exchange platforms, would go a long way in addressing the fuel pricing problems.

“I think the S.I.127, which was published on Friday, is meant to address the concern that no fuel is being sold in local currency amongst other commodities. We are hopeful that once the SI starts being implemented, things will automatically fall in place,” said Mr Mackenzie-Ncube.

He said NOIC was doing well despite the disruptive economic effects of the Covid-19 pandemic.

“As NOIC we did quite well in 2020 and we are still doing well in 2021. Despite the Covid problem, we have been able to work around it.

“Right now, you see the fuel situation in garages in terms of availability has improved. Of course, the concern about pricing is being worked on. But generally, availability is good and in terms of finances we are doing well,” said Eng Mackenzie-Ncube.