RESERVE Bank of Zimbabwe governor, John Mangudya has warned that foreign currency shortages coupled with the country’s shrinking export bill and galloping fuel prices on the global market will continue to push up the prices of fuel in the country.

Mangudya sounded the alarm bells when he appeared before the Parliamentary Portfolio Committee on Mines and Energy, where he was accompanied by Zimbabwe Energy Regulatory Authority (Zera) chief executive officer, Gloria Magombo and Energy secretary, Partson Mbiriri.

He said the recent fuel shortages experienced on the local market were a result of international hikes in fuel prices, which resulted in RBZ’s $10 million weekly allocations for fuel imports falling short of the country’s normal requirements.

Source: Newsday