The government has reduced excise duty on fuel with effect from today.
The Minister of Finance and Economic Development, Cde Patrick Chinamasa reduced the excise duty on fuel in terms of Section 225 of the Customs and Excise Act (chapter 23:02.)
In a statement to ZBC News, the secretary in the Ministry of Finance and Economic Development, Cde Willard Manungo said the excise duty on petrol comes down from 45 cents a litre to 38.5 cents.
The excise duty on diesel has been reduced from 40 cents a litre to 33 cents while the excise duty on paraffin has also been reduced from 40 cents a litre to 33 cents.
Cde Manungo said the reduction in excise duty will have the impact of reducing fuel prices and the move will also have the effect of reducing the impact of fuel costs in the economy’s overall production cost structures across all sectors.