Zimbabwe on Wednesday raised the price of fuel by up to 150 percent, a day after it abandoned a fixed exchange rate regime that has been in place since March.
A litre of petrol now costs Z$71.62 or US$1.28, up from Z$28.62 previously.
The price of diesel was increased by the highest margin, rising from Z$24.93 to Z$62.77 in local currency or US$1.09.
The price increase came on the heels of Tuesday’s launch of a foreign currency auction system that eroded the value of the local currency.
The Reserve Bank of Zimbabwe re-introduced forex auction on Tuesday, which saw the local currency losing more than half of its value from 1:25 to 1:57 to the greenback by the end of trading.
JN/APA