ZIMBABWE has raised fuel prices by up to 14.6%, the fifth hike this year, citing increased procurement costs and the devaluation of the local dollar. In a statement, state oil procurer National Oil Company of Zimbabwe (NOCZIM) said the retail price of unleaded petrol had gone up to Z$46.77 per litre from Z$40.80 while diesel now costs Z$39.57 a litre, an increase of 8.7%. Illumination paraffin, used by the majority of Zimbabwe’s urban poor who cannot afford electricity, went up 11.2% to Z$33.58 a litre. The price hike comes amidst a critical fuel shortage which Zimbabwe has been battling since December 1999, after NOCZIM had its credit lines cut over a debt of about Z$9bn. – Reuters
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