RBZ initiates accountability in fuel supply

By ZBC Reporter
THE Reserve Bank of Zimbabwe has revealed that it has allocated 120 million United States dollars for fuel for the month of March, further releasing a list of 8 oil marketing companies that benefited from 18.4 million United States dollars this week alone.
The move by the central bank was necessitated by consumer suspicions that oil marketing companies are diverting fuel meant to be sold in the local currency to the black market, thereby creating massive shortages of the commodity.
The allocation made by RBZ of 120 million United States dollars is sufficient to meet the country’s daily fuel requirements of around 5 million litres of both petrol and diesel.
Economic analyst Persistence Gwanyanya welcomed the decision by the central bank, saying it will help in the identification of real culprits in the country’s fuel supply chain.
“The decision by RBZ with regards to make public the amount of money allocated to fuel as well as beneficiaries was long overdue and will go a long way in alleviating this challenge once and for all,” he said.
A survey by the Zbc news crew this Thursday revealed that most service stations owned by the players who benefited from the 18.4 million United States dollars for this week were dry, with the exceptions of those under Direct fuel import.
Furthermore, this reporter sought confirmation of receipt of the letters of credit from these beneficiaries, but was given different unsatisfactory explanations.
Engen and Total authorities were said to be in a meeting, Zuva petroleum promised to call back but never did, whilst Andrew Makoni of Raven Energy when asked to confirm receipt of letters of credit said he was out of the country.
Only Petrotrade confirmed receiving letters of credit.
“As Petrotrade we can confirm that we did receive the allocation as mentioned by the RBZ,” said Godfrey Ncube, Acting CEO of Petrotrade
The country is currently facing fuel supply challenges and the latest move by the central bank is expected to point exactly where the rot is coming from as there will be more transparency and accountability.