Companies importing fuel using foreign currency obtained from the Reserve Bank of Zimbabwe’s auction system and refusing to retail in local currency now face punitive action following a Government resolution yesterday.
Speaking at a post-Cabinet briefing, Minister of
Information, Publicity and Broadcasting Services Monica Mutsvangwa said
Government had decided to prosecute offenders and cancel fuel trading licences.
“Cabinet noted with deep concern that some fuel companies
are abusing the foreign currency obtained from the Reserve Bank of Zimbabwe
auction to procure fuel and then sell the fuel to consumers in foreign
currency.
“The companies are supposed to follow laid down
regulations, in order to enable the general motoring public to access fuel in
local currency,” said Minister Mutsvangwa.
She said Government had been furnished with a comprehensive
list of the companies and retail outlets abusing the forex facility and had
directed that action be taken.
“The action involves prosecution of offenders, cancellation
of fuel trading licences, or a heavy fines as shall be determined by the team
of relevant line ministries in conjunction with the Reserve Bank of Zimbabwe as
the source of the funds so abused,” said Minister Mutsvangwa.
RBZ has in the past months come hard on companies that have
been abusing funds obtained from the foreign currency auction system that was
introduced last year to arrest exchange rate instability and improve price
discovery. Herald
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