ZIMBABWE has enough fuel stocks and there is no need for the public to panic, the Ministry of Energy and Power Development has said.
This comes after players in the petroleum industry recently raised the red flag arguing that the depletion of nostro accounts had resulted in delays in payments, which has made it long to clear such transactions to facilitate importation of fuel.
Energy and Power Development Permanent Secretary Mr Partson Mbiriri told Business Chronicle the country had enough fuel stocks to meet its requirements.
He said: “The issue of fuel importation is a financial issue but we have adequate stocks in the country. The point must be made that the stocks that we have in the country are bonded and so what instruments to be taken to release those stocks are financial matters.”
“These are financial matters, which treasury and the central bank will certainly attend to and certainly are seized with. I wish to reassure the country that we have adequate fuel to meet the country’s needs,” added Mr Mbiriri.
The assurances come after fuel retailers said they are in the quandary over the use of plastic money as fuel suppliers are demanding cash up front to replenish stocks.
Mr Temba Musekiwa, a major player in the retail sector in the Midlands told the Zimbabwe Energy Regulatory Authority during a stakeholder consultative meeting in Gweru recently that some of the players are now having their supplies rationed because of the cash challenges.
The Reserve Bank of Zimbabwe has warned that one of the reasons for the liquidity crunch in the country is the double-dipping by using nostro accounts for foreign payments, and using the money for local cash demands.
