Petrol prices in Zimbabwe more than double

Image: Moneyweb

President Emmerson Mnangagwa announced the crippling hike just after midnight on Sunday. 

While current Zimbabwean President Emmerson Mnangagwa’s inauguration was seen by some as a sign of hope, and he himself promised that the country would be open for business and that its economy would boom under his leadership, the country has instead descended into economic collapse.

Now, massive fuel hikes have seen petrol and diesel prices more than double, eNCA has reported. They were at R19 a litre and are now at R45 a litre. Mnangagwa announced the hike just after midnight on Sunday.

Mnangagwa, Mugabe’s former deputy and veteran of the ruling ZANU-PF party, has faced a new wave of turmoil since last year, as prices rocket and shortages spread, from bread to fuel.

READ MORE: Lives at risk in Zimbabwe as economic crisis leads to soaring drug prices

In October, before he was inaugurated, Zimbabwe’s new president urged citizens to stay calm as drivers queued for hours for rationed petrol and those with money stockpiled any food for sale.

The shortages have reportedly created a thriving black market, with a litre of cooking oil being sold on the street for up to $12 instead of $3.70.

Zimbabwe’s worsening economic crisis has also had a devastating affect on access to medicine, with prices pushed up beyond what many can afford.

(Compiled by Daniel Friedman. Additional reporting by AFP)

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