RBZ Announces Weekly Update On Fuel Finance Facilities
The Reserve of Zimbabwe (RBZ)has released the fuel finance facilities for the month of March valued at US$120 million to be available to oil marketing companies for procurement of fuel to be sold in local currency.
The finance facilities will be administered by local banks with support from the Central Bank as authorities continue to seek interventions to normalize the fuel supply situation attributed to foreign currency shortages.
For this week, a total of US$ 18.47 million worth of Letters of Credit has been confirmed for immediate drawing of fuel by oil marketing companies from NOIC depot in Msasa with the breakdown as follows:
Name of Supplier Amount (US$ Million) Name of Recipient OMC
Trafigura 7.50 million Puma, Trek and Genesis
Total 2.50 million Total
Zuva 3.00 million Zuva
Puma 1.50 million Puma
IMIG 1.52 million IMIG
Petrotrade 1.25 million Petrotrade
Engen 0.70 million Engen
Raven Energy 0.50 million Raven Energy
Total For The Week 18.47 million
However, the US$18.47 million for the week remains a far cry to requirements in the country.
Since last year, the bank has been spending an average of US$20 million every week on importation of the commodity and this has been nowhere near sufficient to ease fuel shortages and bring to an end the long winding fuel queues.