Shock fuel price hike

Motorists in Zimbabwe, are being forced to pay 16 percent more for fuel, media reports said on Monday. According to news reports motorists were largely unaware of the price hike, although there were rumours that an increase was imminent. Communications manager of Mobil, one of the largest fuel companies in Zimbabwe, Margaret Magadza, was quoted as confirming a price hike, but she did say by how much. According to media reports the government had no alternative but to increase the price of fuel, so that it could salvage the country's sole fuel procurement company, the National Oil Company of Zimbabwe (Noczim) which has incurred debts amounting to estimated US $5 billion.