The Zimbabwe Energy Regulatory Authority (ZERA) consulted farmers, mines and industry on the proposed tariff rise.
The brewer said group net revenue fell 4 percent in its first quarter, ended June 30, with volume flat.
Mugabe has said the protests were being sponsored by foreign states and urged citizens to support his government.
The stakes are high for both men. Over the years, many who have dared challenge Mugabe have been arrested and tortured.