Mthuli Ncube draws downs US$20m for purchasing fuel

Mthuli Ncube draws downs US$20m for purchasing fuel
Published: 11 January 2019 (161 Views)
The government has drawn down US$20 million towards the purchase of 44 million litres of fuel as part of efforts towards improving the supplies of the commodity to industry and commerce, the Minister of Finance and Economic Development Professor Mthuli Ncube has said.

The draw down facility modalities which were finalised on yesterday (Thursday) have also seen Treasury releasing the funds with immediate effect in order to normalise supply of the commodity within the formal markets, said Professor Ncube.

"Indeed we have done our part in importing the commodity and securing the funds but we just assure the nation to be patient in our efforts to normalise the situation," he said.

The government said the minister is, however, concerned over pricing distortions within the fuel supply chain.

"We are doing our best but we find it more challenging that there are many unscrupulous traders within the markets," said Minister Ncube.

Treasury is also in talks with several regional and global developmental financiers to secure relevant foreign currency or hard cash which is among other factors needed to purchase fuel and sustain productive sector requirements.

Concern is, however, being raised over the surge in fuel consumption during the past few months that is costing millions of dollars to the economy as most of it is reportedly not being used for productive purposes.

In a related development, the Zimbabwe Energy Regulatory Authority has called on members of the public to ignore social media messages alleging with effect from Monday next week the pricing system for the commodity will be in foreign currency.

- zbc

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Zupco buses invade Bulawayo routes

by Staff reporter | 22 January 2019 | 73 Views

Zimbabwe seeks US$500m credit lines in Davos

by Staff reporter | 22 January 2019 | 73 Views

Chamisa's top ally remanded in custody

by Staff reporter | 22 January 2019 | 92 Views

Mnangagwa to crack the whip at Zanu-PF rivals?

by newzimbabwe | 22 January 2019 | 91 Views

Modi sets up makeshift shops in suburbs

by Staff reporter | 22 January 2019 | 73 Views

Zimbabwe chaos part of an African plot, claims Charamba

by Staff reporter | 22 January 2019 | 80 Views

Civil servants to receive a 22,7% allowance on Friday

by Staff reporter | 22 January 2019 | 67 Views

MDC activists flees Zimbabwe, holed in SA

by Staff reporter | 22 January 2019 | 70 Views

Looters stash goods in mortuary

by Staff reporter | 22 January 2019 | 66 Views

Mnangagwa 'debunks' false fuel price narrative

by Staff reporter | 22 January 2019 | 67 Views

Ramaphosa takes Zimbabwe sanctions fight to Davos

by Staff reporter | 22 January 2019 | 62 Views

The mis-narrating of Zimbabwe's opposition riots

by Editorial - The Herald | 22 January 2019 | 71 Views

PHOTOS: Zimbabwe rights abuse

by Staff reporter | 22 January 2019 | 68 Views

Mnangagwa denounces violence

by Staff reporter | 22 January 2019 | 62 Views

Grace Mugabe to lose property

by Staff reporter | 22 January 2019 | 84 Views

Hodzi appointed Prosecutor General

by Staff reporter | 22 January 2019 | 73 Views

Zimbabwe readies for new currency

by Staff reporter | 22 January 2019 | 77 Views

Man commits suicide in police station

by Staff reporter | 22 January 2019 | 59 Views

Zimbabwe demos and the double face of human rights activists

by Norman Moyo | 22 January 2019 | 65 Views

Zimbabweans living in SA 'must help resolve conflict back home'

by Staff reporter | 22 January 2019 | 84 Views

Zimbabwe troops assaulting people in Harare

by AP | 22 January 2019 | 104 Views

Mutare airport construction to start soon

by Staff reporter | 22 January 2019 | 83 Views

'Chiwenga is the problem' Lumumba tells Mnangagwa

by Mandla Ndlovu | 22 January 2019 | 127 Views

'No dialogue without workers unions'

by Ngqabutho Mabhena | 22 January 2019 | 93 Views

MDC condemns arrest of Mvurwi protestors

by Simbarashe Sithole | 22 January 2019 | 69 Views

Bond notes discontinuation claim rubbished

by Staff reporter | 22 January 2019 | 78 Views

'I will never rejoin ZANU PF' says Jonathan Moyo

by Mandla Ndlovu | 22 January 2019 | 79 Views

Beware booking Eagle Liner Coaches online

by Citizen | 22 January 2019 | 74 Views

Tendai Biti court challenge thrown out

by Staff reporter | 22 January 2019 | 76 Views

EFF salutes Mnangagwa for his national dialogue call

by Staff Reporter | 22 January 2019 | 177 Views

LISTEN: Tocky Vibes disses soldiers

by Mandla Ndlovu | 22 January 2019 | 123 Views

Kunaka arrested for treason

by Staff reporter | 22 January 2019 | 167 Views

Grace Mugabe's sons cohabit with same girl?

by Staff reporter | 22 January 2019 | 195 Views

Mnangagwa warn plotters

by Staff reporter | 22 January 2019 | 187 Views

UK to suspend aid to Zimbabwe?

by Staff reporter | 22 January 2019 | 126 Views

Parents recall children from boarding school

by Staff reporter | 22 January 2019 | 115 Views

'Dump bond notes'

by STaff reporter | 22 January 2019 | 119 Views