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Africa Business News Thu, 25 Jun 2020

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Zimbabwe’s fuel prices rise by 150 percent

The price of petrol and diesel in Zimbabwe is to more than double with immediate effect, the country’s energy regulatory authority has announced.

The increase of 150% comes a day after the Zimbabwean dollar fell by more than 50% against international currencies.

This happened after the central bank removed a fixed currency exchange rate in place since March, and introduced a weekly foreign exchange auction.

Zimbabwe has been plagued by fuel shortages for years, compounded by a lack of foreign currency.

In January 2019, violent protests broke out when fuel hikes of more than 120% were introduced.

The state crackdown at the time left more than a dozen people dead.

Source: bbc.com

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