FULL STATEMENT: Government cuts excise duty on fuel

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Finance Minister Patrick Chinamasa has cut excise duty on fuel, this was notified in the official statement below.

PRESS STATEMENT BY THE MINISTRY OF FINANCE AND ECONOMIC DEVELOPMENT

The Minister of Finance and Economic Development, Hon. P.A. Chinamasa, MP has in terms of section 225 of the Customs and Excise Act [Chapter 23:02], reduced Excise Duty on fuel with effect from 23 January 2018.

The reduction in Excise Duty on petrol, diesel and paraffin is as follows:

Description of Goods    Previous Rate of Duty New     Rate of Duty       Reduction
Petrol                           US$0.45/L                             US$0.385/L       US$0.065/L
Diesel                           US$0.40/L                             US$0.33/L         US$0.07/1
Paraffin                         US$0.40/L                             US$0.33/L         US$0.07/L

The reduction in Excise Duty will have the impact of reducing fuel prices. This will also have the effect of reducing the impact of fuel costs in the economy's overall production cost structures across all sectors.

W.L. Manungo Secretary for Finance and Economic Development
22 January 2018

– ZBC


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