August 30, 2004
Harare - Prices of petrol and diesel in Zimbabwe rose nearly 10 percent over the
weekend in response to increased world oil prices, hindering the efforts by
President Robert Mugabe's government to fight hyper-inflation.
Authorities made stringent efforts to stamp out black market trading, sending a
number of prominent bankers and businessmen fleeing into self-imposed exile, and
detaining others including Finance Minister Christopher Kuruneri.
Confirming the price increases, Zimbabwe's Minister of Energy and Power
Development, July Moyo, said efforts would be intensified to curb profiteering.
Inflation in the country, currently 362 percent on conservative official
figures, last year hit nearly 700 percent as exports and gross national product
slumped following seizure of more than 5 000 white-owned farms and accompanying
major contractions in mining, tourism and manufacturing industry. - Sapa-DPA