The increase led to a clash between protesters and police on Monday, after protesters barricaded roads with stones and tyres were burnt in protest of the fuel increases.
The shock price hike was a response to a "persistent shortfall in the fuel market attributable to the increased fuel usage in the economy and compounded by rampant illegal currency and fuel trading activities", Mnangagwa said.
A three-day nationwide shutdown was called by workers' trade unions in protest. "These prices are predicated on the ruling official exchange rate of 1:1 between the bond note and the United States dollar and also on the need to keep fuel retailers viable".
At least 13 people sustained gunshot wounds during protests against the shock price hike, said one doctors' association.
Low-priced carrier Fastjet says it's cancelling all remaining fights to and from Harare, Zimbabwe, for Monday, due to the unrest that's erupted over massive fuel hikes in the country. However, to the detriment of the people who believed that they were voting for change, Mnangagwa revealed that petrol prices would rise to Z$3.31 (R45.79) for petrol and Z$3.11 (R43.03) for diesel. As a result of the increased fares, many were left to walk long distances as they had been unable to afford the increased taxi prices.
It came after the cost of petrol and diesel more than doubled on Sunday.
"You can also expect that fuel will now mostly be available, but then it will be sold in USA dollars". Some said they were awaiting an official notice from the regulatory authority. "Isn't it grand that the good Deputy Minister is anxious about skirmishes and demonstrations and loss of limbs?"
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Mnangagwa also warned against "certain elements bent on taking advantage of the current fuel shortages to cause and sponsor unrest and instability" in the country.
Early on Monday Mnangagwa set off on a five-nation tour which starts in Russian Federation and ends at the World Economic Forum in Davos, Switzerland.
Zimbabwe abandoned its own currency in 2009 after it was wrecked by hyperinflation and adopted the greenback and other currencies, such as sterling and the South African rand.
"Cognisant of the need to prevent generalised price increases for goods and services in the country, with the attendant hardships which that will entail especially to the commuting workforce, the government has made a decision to grant a rebate to all registered business entities in manufacturing, mining, commerce, agriculture and transport sectors", he said. Businesses are likely to pass on the higher transport costs to the consumer. The demand for fuel intensified this week with the start of the new school term this week.
ZCTU called upon Zimbabweans to stay away from their workplaces, businesses and schools from Monday to Wednesday, as a way of protesting "the general astronomical price increases since a year ago against stagnant salaries".
Teachers, who are not represented by ZCTU, are planning a nationwide strike from January 22, and civil servants have threatened to join them.