fuel price.jpgZimbabwe is losing millions of dollars in potential revenue per year due to illicit fuel imports with regulatory authorities being called on to come up with systematic approaches to stamp out the rampant smuggling of the commodity.

Concern is being raised over the negative effects of fuel being traded outside the formal or regularised markets in Zimbabwe.

Data made available to stakeholders at an illicit fuel trade meeting this Wednesday indicate the nation is being prejudiced of millions of dollars on the back of a rise in alleged illicit trade in fuel.

Motor Industry Association of Zimbabwe president Mr Luckson Gwara says the money, which is desperately needed in light of the cash-flow challenges but is finding its way outside the formal channels, is posing a threat to the growth of the fuel sector value chain system.

Global energy expert Mr Johanne Van Nierkek noted that of concern is also the extent to which fuel smuggling can derail the achievement of socio economic targets in Zimbabwe.

Market watchers say a workable strategy is required to stamp out the smuggling activities in order to facilitate huge economic savings to the benefit of the country and its people.