Botswana finds itself in a catch 22 situation due to Corona Virus Disease (COVID-19). By the look of things, whether conditions worsen or get better, negative implications will pesist either way.
When COVID-19 conditions worsen it is a threat to lives, but when when conditions improve livelihoods are negatively affected.
COVID-19 has not brought about negative financial and economic growth for companies, but the same is true for individuals.
As things turn out, the economy is rebounding due to the availability of COVID-19 vaccines. As the economy is recovering, prices are going up. The occurance which would ordinarily be celebrated is now burdening citizens of the developing countries like Botswana.
The Botswana Energy Regulatory Authority (BERA) has increased fuel prices for the record third time in a period of five (5) months.
Announcing the third fuel price increase earlier today, the authority proclaimed, “The increase in local retail prices is necessitated by the general increase of international oil prices which have been on a constant recovery. The recovery of prices is largely on the back of the global roll out of coronavirus vaccines and the opening of major economies which then boosted global demand for oil.”
Following the increase on the first day of March, and again on the first day of April this year, fuel prices will go up again later fter midnight (00:01hrs Saturday 10 July 2021).
After increasing by Fifty-eight thebe (58t) per litre for unleaded 93 petrol; Fifty-seven thebe (57t) per litre for unleaded 95 Petrol; and fifty-two thebe (52t) per litre for 50ppm diesel on first March 2021, fuel prices went up again. On first day of April fuel prices went up by hundred thebe (100t) or one pula (P1.00) for unleaded 93, 95 petrols, as well as 50ppm diesel.
This time BERA declared that unleaded 93 petrol will increase by Sixty-one thebe (61t) per litre; Sixty-three thebe (63t) per litre for unleaded 95 petrol; Fifty-three thebe (53t) per litre for 50ppm diesel; and ninety-two thebe (92t) per litre for illuminating paraffin.
While the president is set to address the nation on Tuesday on issues surrounding COVID-19, and in light of the recent alcohol sale ban, fingers will be crossed that nothing he announces will frustrate the economy even further.
