Treasury Pledges Fuel Stability Amid Price Pressures

By Kudzaishe Chimonera

Finance Minister and Economic Development Minister, Mthuli Ncube says the government is taking measures to ensure a steady supply of fuel while working to keep prices affordable.

Speaking on the country’s fuel situation, Professor Ncube said authorities had reached agreements with suppliers to prevent shortages in the coming months.

“As government we have decided that we need to ensure that there is adequate supply of fuel at least over the next three or so months. We have negotiated with the suppliers and they have assured us, but also through the financial structures where we put in place that this fuel supply will be available so we won’t have a shortage of fuel,” said Ncube.

He added that efforts were also being made to cushion consumers from high fuel costs.

“We have also made sure that on the prices of fuel we subsidize the price of fuel,” he said.

The minister said the government is reviewing taxes and levies on fuel, as it seeks ways to ease the impact of rising global prices.

“We are currently again looking at various taxes and levies to see if we can do further adjustments going forward so as to curb the impact of these hiking global prices,” said Ncube.

He reassured citizens that authorities would continue to act in the public’s interest.

“Citizens can always expect us as Government to act in their interest and they should watch the spaces as we go forward,” he said.

However, Professor Ncube warned that any reduction in fuel prices must be handled cautiously to avoid unintended economic consequences.

“There is a possibility that we curb it, we will reduce but we are just looking at ways to do it because we have to do it in a way that is responsible. We don’t want to reduce it then prices globally keep rising and then we are now quoting a quandary so we have to balance everything,” he said.