Fuel price review impacts buying power

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By Tobias Mudzingwa

Prices of basic commodities have begun to soar following the fuel price review and introduction of the Foreign Exchange Auction System this week.

A visit by our News crew at some wholesale and retail outlets in Harare on Thursday revealed a drastic price hike with most pegged above the official exchange rate of ZWL 57 to USD$ 1.

A 10kg bag of refined maize-meal -is being sold at around 430 dollars, a 2 litre bottle  of cooking oil is around 260 dollars, 2kg packet of sugar around 210 dollars, with 2kgs of rice going for between 205 and 260 dollars and the same quantinty of flour going for 190 dollars. A loaf of bread is selling at between 77 and 97 dollars.

Earlier in the week ,the Zimbabwe Energy Regulatory Authority ZERA readjusted the cost of petrol and diesel to reflect the new official exchange rate of ZWL 57, with a litre of diesel now selling at $62,77 cents and petrol at $71,62 cents.