Suppliers told to redeem Zim$ fuel coupons

Fuel suppliers who sold fuel coupons for Zimbabwe dollars must deliver on demand the quantity of fuel the coupon was issued for, Government has ordered.

Some coupon holders have been told the companies will exchange local currency-denominated fuel coupons for Direct Fuel Import coupons, but give just 10 litres for each 20 litre coupon.

In theory, when a supplier issues a coupon it is for fuel that is already in store, with the coupon buyer paying in advance of dispensing, but some companies have been selling coupons for fuel they do not have in stock.

Government, which buys and gives out coupons as a way of managing fuel costs, has now ordered all ministries and departments to stop exchanging coupons, but to insist on the full volume set out on the coupon.

“. . . Treasury together with the Ministry of Energy and Power Development are currently seized with engagements with the said supplier regarding redemption of fuel coupons procured by MDAs (Ministries, Departments and Agencies) for full value,” said Treasury in a memo signed by Finance and Economic Development Permanent Secretary Mr George Guvamatanga.

“Therefore MDAs are being directed to stop redeeming coupons (for lower volumes) and those who had already redeemed some coupons with this supplier should provide the details on the quantity redeemed, including the unredeemed coupons to facilitate engagement with the supplier,” he said.–herald

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