Zimbabwe cuts import tax on petrol, diesel to reduce pump price

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Stockbrokers trade on the floor of the Zimbabwe Stock Exchange (ZSE) in Harare, February 24, 2015. REUTERS/Philimon Bulawayo

HARARE (Reuters) – Zimbabwe has cut its import tax on petrol and diesel by as much as 17 percent, the first time it has done so since it adopted the U.S. dollar in 2009, in a bid to lower the pump price for motorists, a government official said in a statement.

Motorists in Zimbabwe pay more for petrol and diesel than most southern African nations. The price of petrol is $1.41 a litre while diesel costs $1.33.

Willard Manungo, the secretary for the Ministry of Finance said import duty for petrol was cut by 6.5 cents to 38.5 cents a litre and 7 cents to 33 cents for diesel with effect from midnight on Monday.

“This will also have the impact of reducing the impact of fuel costs in the economy’s overall production cost structures across all sectors,” Manungo said.

Reporting by MacDonald Dzirutwe, editing by Larry King

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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