ENERGY minister Fortune Chasi and Reserve Bank governor
John Mangudya yesterday blamed the social media for spreading false narratives
about the fuel situation, resulting in panic-buying and contributing to rises
in prices of basic commodities.
Chasi and Mangudya made the remarks when they appeared
before the Parliamentary Portfolio Committee on Energy chaired by Gabbuza Joel
Gabuza.
Chasi said there was now need for self-regulation of the
petroleum industry and also blamed shortages of fuel at service stations to
corruption, where the product is sold to friends only.
Mangudya said in South Africa, fuel only costs US$1,05,
Zambia US$1,07 and in Zimbabwe, using the interbank market rates, it is $1 or
$0,94, adding that the plan now was to gazette service stations which would be
allowed to sell fuel in foreign currency.
Chasi said in order to come up with a solution to the fuel
problem, it needs a concerted effort by everyone, including policy measures, as
well as to deal with cartels that want to profiteer at the expense of the
motoring public.
“We are going to launch an investigation regarding
transactions at fuel depots, misbehaviour and favouritism at service stations,
where some people receive large amounts of fuel when there is a long queue and
then it (gets) finished (quickly),” he said.
“We have seen all sorts of stories on social media and a
lot of irresponsible behaviour by people, where we have seen pictures on
WhatsApp of fuel said to be sold at $7,89 per litre and because of this, the
public has panicked and rushed to buy fuel, thus creating shortages.”
He said to mitigate the fuel challenges, a six
million-litre ethanol storage facility was being built to ensure the
sustainability of the 1:20 ethanol blending, as well as looking at the
introduction of solar-powered and hydrogen-powered vehicles.
Chasi said there was need to develop rules by the petroleum
sector to ensure that people with fuel coupons are not affected, adding his
ministry would continue to identify miscreants in the fuel industry that cause
the shortages.
Mangudya said adequate funds had been made available for
procurement of fuel, with $115 million letters of credit (LCs) issued for fuel
imports.
The amount is enough to purchase 170 million litres against
a monthly requirement of 130 million litres, he said.
He added that the RBZ was servicing a $200 million legacy
debt which affected companies like Total, Engen and Trafigura.
“So fuel is plenty in Msasa. All LCs were at an exchange
rate of 4,625% and there was no need for fuel companies to use the current
exchange rate to sell the fuel because it means they will be benefiting
themselves,” Mangudya said.
“They should use the rate for which the LC was established.
There was no price increase and there was a social media price announced, and
because of lack of confidence people listen to alternative facts and followed
the panic mode.” Newsday
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