A SERIOUS fuel shortage is looming in Zimbabwe because the state-owned oil company has run out of credit to buy imports and supplies may have to be rationed, oil industry executives warned on Sunday. A spokesman for the National Oil Company of Zimbabwe (Noczim), which has a monopoly on fuel importation, said fuel stocks are already low. Noczim sells its fuel for up to 40% less than it pays to import it. The government refuses to allow the company to raise its prices to keep pace with the cost of imports for fear increased prices will lead to civil unrest. At the end of last year, Noczim’s losses stood at Z$5,5-billion ($145-million). Oil industry sources estimate the company is losing over Z$100-million ($2,6-million) a month.
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