By Alois Vinga
FINANCE Minister, Mthuli Ncube has effected duty tariffs chargeable in foreign currency on all fuel imports transacted using free funds at a rate of US$0.40 per litre.
The details are contained under Statutory Instrument 64 of 2020.3.11
“Leaded petrol and diesel imported using free funds for own use by companies or by designated fuel service stations for sale in foreign currency at a rate of US$0.40 per litre,” the instrument said.
The same tariff applies to illuminating or heating kerosene, having a density at 200c.
“Leaded petrol imported using free funds for own use by companies or by designated fuel service stations for sale in foreign currency will pay duty at tariff of US$0.25 per litre,” said the instrument.
Most fuel imports for companies’ internal use will be charged a duty tariff of around US$0.25 per liter.
This facility shall also be open to designated fuel stations authorised to sell the listed commodity in foreign currency.
Companies with free funds shall be allowed to import fuel entirely for use in their production process, and pay for the duty in foreign currency.
Recently government moved to issue operating licences to selling fuel in foreign currency to several retail players, a move which market watchers described as being aimed towards easing the pressure for fuel demand in the country.