Govt revising fuel pricing structure and restructuring oil industry

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Staff Writer

Government is designing a new fuel pricing structure to prevent artificial shortages and is restructuring the oil industry to improve its operational efficiency, a Cabinet Minister has said.

The Minister of Energy and Power Development Fortune Chasi said he hopes that new foreign currency management measures by the Reserve Bank of Zimbabwe would lead to the availability of more forex for the fuel industry.

“The Government through the Reserve Bank of Zimbabwe is putting in place measures to avail foreign currency while also coming up with a fuel pricing structure that prevents artificial shortages.

“We also hope that the introduction of the foreign exchange auction trading system by the RBZ will improve availability of funds for fuel procurement,” Chasi said as he officiated at the opening of the government owned Petrotrade Mabvuku Service Station.

“At the policy level Government would like to see the oil industry improving its operational efficiency. In that regard we are in the process of developing a framework for the restructuring of the oil industry in the country. This is being done through an extensive consultative process,” he added.

The fuel industry has been blighted by shortages which have severely affected the country’s economy with long queues now a daily feature at service stations across the country.

The Mabvuku service station is the first of Petrotrade sites to be installed with a high quality solar energy system.

“In a bid to reduce demand on the national grid. Government is encouraging and expecting all oil companies to adopt renewable energy at their service stations

“Petrotrade as a government company should be seen to be leading by example in the implementation of government policies and become our flagship in the oil industry,” Chasi said.

Mabvuku service station is the 18th service station owned and operated by Petrotrade which was founded in 2010 with seven company owned sites.

The company has three serve stations at various stages of development which have been earmarked for solar installation in 2020.

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