By Rungano Dzikira
The Oil Expressers Association of Zimbabwe (OEAZ) has dismissed the current cooking oil shortages that has hit the market as artificial shortages owing to saboteurs in the economy.
Speaking on the recent cooking oil shortages and price hikes which has prompted rationing of cooking oil by retailers, who are restricting consumers to purchasing not more than 4 litres of cooking oil (2 x 2 litre bottles) in one transaction, OEAZ Chairman Busisa Moyo said that this was as a result of artificial shortages since shelves were chock-full on the black market.
“The Reserve Bank of Zimbabwe (RBZ) even increased allocation of foreign currency on cooking oil imports but despite the fact that we are still importing as much as we did a month when cooking oil was flooded on the market; this time around, the product is somehow finding its way onto the black market and fuelling backyard tuckshops, especially in Harare.
“We actually expect an increase in the product’s production because apart from imports, the country has also embarked on a sunflower and groundnut seed production with the help of South African investors who have already delivered sunflower seed to be grown on over 30 000 hectares this season, as well as technical support for local farmers for optimum yields,” he added.
The price of basic commodities, including bread and many other things, continues to go up despite spirited attempts by President Mnangagwa’s new administration to instil confidence in the economy.
Soon after the fall of former president Robert Mugabe, the parallel market exchange rate for the US dollar went down considerably, giving hope of economic recovery. However, recent market trends have seen the US dollar firming again against the Zimbabwean bond note and prices of basic commodities rising.
Another scarce commodity has been sugar which the country’s major producer, Hippo Valley confirmed to be in excess supply and even exporting more than 100 000 tonnes to neighbouring countries, hence no need for panic buying.
“This year we have so far exported around 58 000 tonnes to Kenya, and we are still anticipating to export an excess of 100 000 tonnes,” said Mr Sydney Mutsambiwa.
