In a major climbdown, Zimbabwean authorities, initially jittery to force petroleum dealers to accept the new ZiG currency, have announced motorists can now buy petrol and diesel using the money.
According to the Zimbabwe Energy Regulatory Authority (ZERA), a litre of diesel will fetch ZiG22.24 while petrol will be charged at ZiG21.15 per litre.
“The prices are for May 2024 based on M-1 and they will be effective up to 4 June 2024,” said ZERA in a statement.
“Operators may sell the petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as provided for by the fuel pricing regulations.”
Service stations, including the State-owned Zuva, visited by the publication at the weekend had not yet pegged prices in ZiG.
RBZ Governor John Mushayavanhu had earlier said the currency, which is yet to be widely accessible in the market, will not be forced on any business as the country is using a basket of currencies that include the much-preferred United States (US) dollar.
Introduced at a rate of US$1: ZiG13, the currency stands a similar test to that of its predecessor, the RTGS, which was heavily devalued by market forces and illegal trade on the street.
Due to its unavailability, the ZiG is yet to be accepted by most informal shops and vendors.
Pirate taxi operators are also hesitant to accept it despite spirited efforts by the central bank to market the new currency.
Sceptics were arguing that in order for the generality of citizens to have confidence in ZiG, it should at least be accepted at fuel stations, at government passports offices and by government departments which have pegged some taxes denominated exclusively in US dollars.
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