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Mangudya equates fuel shortages to expanding economy.

Zimbabwe’s Central Bank Chief John Panonetsa Mangudya  said that the fuel shortages in the country are a result of a growing economy as he addressing Parliament.

Mangudya made the remarks before the Parliamentary Portifolio Committee on Energy  and Power chaired by Uzumba Member of Parliament Simbaneuta Mudarikwa on Thursday, 7 March.

He was responding to a question on the ongoing fuel shortages from Magwegwe (MP), Anele Ndebele and said, ‘The demand for fuel in Zimbabwe has increased because the economy has been expanding’. So, an expanding economy requires more fuel. Looking at the other side of the story, the economy has been expanding and that is why the demand (for fuel) has been going up.

We used to spend about US$60 million per month to US$80 million per month, but now we are on US$90 million to US$100 million per month. So where is this fuel going to? The fuel is going into the economy, and this economy is expanding, you can even see it by these traffic jams, which were never there at some point in Zimbabwe.

The main aim was to give people hope on the situation on the ground.

RBZ Governor Mangudya,  promised to make sure that they improve the gap between payment and supply and doing all they can so that we go into a better season. ‘We need to clear the fuel queues in our country’, he said.

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