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Zimbabwe to reduce fuel prices after cuts on import tax.

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Zimbabwe has cut its import tax on petrol and diesel by as much as 17 percent, the first time it has done so since it adopted the U.S. dollar in 2009, in a bid to lower the pump price for motorists, a government official said in a statement.

Motorists in Zimbabwe pay more for petrol and diesel than most southern African nations. The price of petrol is $1.41 a litre while diesel costs $1.33.

Willard Manungo, the secretary for the Ministry of Finance said import duty for petrol was cut by 6.5 cents to 38.5 cents a litre and 7 cents to 33 cents for diesel with effect from midnight on Monday.

“This will also have the impact of reducing the impact of fuel costs in the economy’s overall production cost structures across all sectors,” Manungo said.

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Qatar to withdraw from OPEC come January 2019

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The Gulf nation’s Energy Minister Saad Sherida al-Kaabi has confirmed that Qatar is set to withdraw from the Organization of the Petroleum Exporting Countries (OPEC),



The decision to quit the bloc of 15 oil-producing countries that account for a significant percentage of the world’s oil production was confirmed by Qatar Petroleum, the state oil company, on Monday.

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Al-Kaabi stated their goal when speaking at a news conference in the capital Doha “The withdrawal decision reflects Qatar’s desire to focus its efforts on plans to develop and increase its natural gas production from 77 million tonnes per year to 110 million tonnes in the coming years.”

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Qatar is the first Gulf country to leave the bloc of oil-producing countries.

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Trump says China agree to mitigate tariffs on US cars after trade war ceasefire

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Chinese President Xi Jinping has agreed to cut tariffs below the 40 percent level currently in place on US-made vehicles after the two countries had talks in Argentina.



Trump confirmed the situation on his tweeter handle stating that: “China has agreed to mitigate and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%”.

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During the meeting in Buenos Aires, the US agreed not to increase tariffs on January 1, as had been planned, while China agreed to immediately buy more agricultural products from US farmers.

If no broader deal is reached within 90 days, the US said it would hike tariffs on $200bn of Chinese goods from 10 to 25 percent.

US Trade Representative Robert Lighthizer said last week that he was examining all available tools to raise US tariffs on Chinese vehicles to the 40 percent level that China was charging on US-made vehicles.

A source reports that the Chinese state media on Monday cautiously welcomed the trade war truce on Monday, without mentioning the US January 1 deadline.

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Asian stock markets opened higher on Monday in the wake of the truce, with Tokyo rising by one percent and Hong Kong and Shanghai rising by more than two percent.

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