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South Africa said it had rejected a request from Zimbabwe asking for an emergency loan of $ 1.2 billion (932 million pounds sterling) in December.
The government of Zimbabwe had hoped that this money would help stabilize the economy and solve the fuel shortages in the country.
South Africa does not have "that kind of money," said a Treasury spokesman.
An increase in the price of fuel imposed shortly after the rejection of the application resulted in violent clashes. Rights groups say at least 12 people were killed.
They say that many others have been beaten in clashes with security forces but no official confirmation has been made.
Zimbabwean President Emmerson Mnangagwa announced a sharp increase last week, provoking angry protests in the capital Harare and the town of Bulawayo in the south-west of the country.
On Twitter, he said he cut short his current tour abroad to return home "in the light of the economic situation".
What's new in the events?
Police violently suppressed protests, reports of door-to-door searches and the use of live ammunition.
The UN has called on the government to end the "excessive use of force" by the police.
But the Zimbabwean government said Sunday that the actions of the security forces were only "a taste of things to come."
The news of the violent repression has appeared despite the Internet cuts, including messaging and social media applications.
Sending to the state-owned newspaper, the Sunday Mail, a spokesman for the presidency accused the Movement for Democratic Change (MDC), party of opposition, violence that accompanied the demonstrations.
"MDC leaders have always insisted that they would use violent actions on the street to reverse the results of [last year’s] ballot, "said George Charamba.
The opposition rejected a court ruling issued last August, confirming that President Mnangagwa had defeated MDC candidate Nelson Chamisa.
Why has the price of fuel gone up?
The price hike was aimed at addressing shortages caused by increased fuel use and "rampant" illegal trade, said President Mnangagwa.
But many Zimbabweans, exhausted by years of economic hardship, suddenly discovered that they could not even afford to take the bus ticket.
New prices mean Zimbabwe now has the most expensive fuel in the world, according to GlobalPetrolPrices.com
They say the president, who has toured Russia and Asian countries, is not keeping his promises after his election last year in disputed polls.
He fought to revive the economy, which is experiencing high inflation while wages stagnate.
Internet access was intermittent throughout the week, but users could not use social media or the WhatsApp messaging platform, which has become a common means of sharing information.
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