ONE of the country’s leading fuel suppliers, Zuva Petroleum, says traffic volumes at its service stations across the country have increased by 20% following a rebranding exercise it undertook last year.
BY MTHANDAZO NYONI
The company’s chief executive officer, Bethwell Gumbo, told NewsDay that their $20 million rebranding exercise, meant to increase the company’s market share in the highly-competitive petroleum industry currently dominated by Total Zimbabwe and Engen, had started bearing fruit as their market share has gone up.
“Traffic volumes have increased to between 15 and 20% following our rebranding exercise. We are quite happy about that,” Gumbo said, adding that since they have completed their rebranding exercise, they are now looking for growth opportunities.
The company secured a $20 million loan facility from Nedbank London to rebrand its 72 service stations across the country.
Gumbo, however, lamented that the economic situation in the country was affecting their business.
“Economic challenges currently besetting the nation are affecting us. The market is shrinking and people don’t have disposable income,” he said.
Gumbo said they were striving as a company to increase their market share in the industry to 30%.
Zimbabwe’s daily consumption of fuel is four million litres. Zuva’s logistics department has a capacity of one million litres and its fuel depots can hold up to 60 million litres.
Zuva has an oil blending plant with a capacity to blend 12 million litres annually. The company has made a significant investment to build on its assets.
Zuva Petroleum was formerly BP & Shell Marketing Services before it rebranded to Zuva after Masawara acquired BP & Shell assets in 2010.
Last year, a consortium, led by FBC group chief executive officer, John Mushayavanhu, snapped up a controlling stake in Zuva from Masawara in a deal worth close to $30 million.