NOCZIMNational Oil Company of Zimbabwe
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Noczim argued that a staggered fuel price adjustment would have encouraged hoarding of oil products by oil traders, and the "shock therapy" approach was adopted as a once-off arrangement.
Currently Noczim is making losses of US$1.lm (using the official exchange rate), daily.
Foreign oil suppliers have declined to deliver new consignments until the government-owned oil importer and distributor, Noczim, settles its bill of $237m.