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Zimbabwe’s apex bank has dispelled rumors that have been circulating on social media that the authorities will soon increase the price of fuel.

In mid-January, the country increased the price of petrol to $3,31 a litre, while diesel was pegged at $3,11 per litre from around $1.30 per litre and $1.20 per litre, respectively.

At the time, the Government said the new prices were based on the then official, but largely disputed exchange rate of 1:1 between Zimbabwe’s surrogate currency, the bond notes and the United States dollar.

But foreign embassies and tourists could still buy their fuel needs at designated points — at a price of US$1,24 for diesel and US$1,32 for petrol.

Claims of another fuel price increase have come as fuel queues have resurfaced from earlier this week.

But the Reserve Bank of Zimbabwe (RBZ) has quickly moved to quell those rumors.

“The article circulating on social media on the fuel price hikes of $5.50 and $5.15 for petrol and diesel respectively, is fake news. For starters the alleged meeting at the RBZ with fuel suppliers never took place,” said the Reserve Bank of Zimbabwe.

“The social media article is aimed at causing panic buying of fuel and should be treated with the contempt it deserves.”

The ‘fake news’ has perhaps been prompted by the RBZ’s move last week to float trading of the United States dollar through the introduction of an inter-bank foreign currency market, which put paid to the official 1:1 rate.

Banks have been trading at a ‘managed’ rate of 1:2.5 to the United States dollar. At 2.5 or alternatively RTGS$2.50, the rate however is still below the parallel market rate where buyers are offering between $3.50 and $4 per US dollar.

Officials have said the liberalization of foreign currency trading will actually result in a reduction and stabilization of prices.

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