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.

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