Govt Urges Business Sector To Reduce Prices

Energy and Power Development Minister Soda Zhemu says the government expects the business sector to start reducing prices as fuel prices continue to fall.

Speaking in an interview with New Ziana, Soda said business should slash prices in tandem with the drop in fuel prices, and stabilised exchange rates, among other factors. Said Soda:

What we have seen in the past is that when the price of fuel increased even by a single cent, business would increase prices of basic commodities.

… Now that the price of fuel is going down, we do not seem to see that reflected in the prices of goods and services, and it is actually a concern.

They should pass the benefits accruing to the consumers just as they were doing when things were difficult. Why not now?

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He noted that the business sector is always quick to increase prices whenever the price of a key input, such as fuel, was increased, yet was reluctant to reduce prices when fuel prices have been going down.

Last week, the Zimbabwe Energy Regulatory Authority reduced the price of petrol from $1.58 to $1.53 per litre.