• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 7 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 1 hour Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 5 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 41 mins The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 10 hours Middle East on brink: Oil tankers attacked off Oman
  • 4 hours Never Knew Gasoline Prices were this important!
  • 1 hour Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 3 hours (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
  • 21 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 20 hours Emmissions up, renewables nowhere
  • 20 hours Britain makes it almost 12 days with NO COAL
  • 21 hours Only one country is contemplating destroying its own resource sector: Canada
  • 2 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 4 hours We Are Better Than This
Tanker Strikes Spell Doomsday Scenario For OPEC

Tanker Strikes Spell Doomsday Scenario For OPEC

Today’s oil tanker attacks in…

Putin’s $40 Oil Lie

Putin’s $40 Oil Lie

Much has been made of…

Zimbabwe Now Has The Most Expensive Gasoline In The World

zimbabwe protests

Zimbabwe is on a three-day nationwide strike and protests are erupting in the streets after the government of the southern African country doubled fuel prices, making gasoline sold in Zimbabwe the most expensive gasoline in the world.  

Zimbabwe is in the midst of an economic crisis and a shortage of foreign exchange, which has led to fuel and bread shortages, and many companies have stopped working because they can’t import raw materials.

Following hyperinflation in 2009, Zimbabwe abolished its own currency and has been using the U.S. dollar and South African rand instead.

But the economic crisis and foreign currency shortages has prompted the government to say over the weekend that it would introduce a new currency of its own in the next 12 months.

However, the policy that really sparked protests and calls for a national stay-away was the sharp increase of fuel prices over the weekend.

According to Zimbabwe’s President Emmerson Mnangagwa—who succeeded the president of 38 years Robert Mugabe in November 2017—the doubling of the fuel prices would help ease fuel shortages

In a post on his official Facebook page, Mnangagwa wrote on Sunday:

“Following the current shortfall in the fuel market, we have chosen to act, and act decisively. The shortage, attributable to increased fuel usage in the growing economy, and compounded by rampant illegal currency and fuel trading activities, is unsustainable and Government has today decided on the following measures:

  • A fuel pump price set at $3.11 per litre for diesel, and $3.33 per litre for petrol.”

The gasoline price of $3.33 per liter is now the world’s highest.

According to data from GlobalPetrolprices.com, as of January 7, 2019, the world’s average gasoline price was $1.08 per liter, or $4.09 per gallon. The most expensive gasoline in the world before the Zimbabwean price hike was in Hong Kong where a gallon of gas goes for $7.71.

In Zimbabwe, the trade unions and the main confederation of industries called for the three-day strike and say it has been a success so far.

“So far the stay-away has been effective,” Peter Mutasa, president of the Zimbabwe Congress of Trade Unions, told Bloomberg on the phone.

The Confederation of Zimbabwe Industries said in a letter to the Industry Ministry that “The house is burning,” as many businesses are collapsing or on the verge of collapsing due to the lack of foreign exchange funds and economic chaos.

By Tsvetana Paraskova

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News