Fuel prices drop

Fuel Pump prices on the local market have dropped by 0.5 percent for petrol and 0.4 percent for diesel, i.e., from Rwf 925 to Rwf 920 and Rwf 917 to Rwf 913 respectively as a result of declining prices on the global market. A mini-survey carried out by the Business Times indicates that since the weekend, filling stations in Kigali have reduced prices by Rwf 5 for petrol and Rwf 4 for diesel. However, there was no change in filling stations upcountry. The Permanent Secretary in the Ministry of Trade and Industry, Emmanuel Hategeka told Business Times in a phone interview that there is always a difference between prices at upcountry filling stations and those in Kigali.“There is always a difference of small denominations between Kigali and upcountry filling stations because of the transport fares included,” Hategeka said. He also said that after the monthly government review meeting with concerned dealers it was decided that pump prices should drop accordingly, depending on the price fluctuation on the global market. Hategeka also revealed that the Fuel Storage Facility that shall assist in controlling the local pump prices in the case of a hike in global prices is being worked upon and is set to be completed before the end of next year.The facility is being built by a company called Falcon Petroleum. However, on the international market oil prices rose sharply on Monday, approaching $80 (Rwf 46,580) following the closure of a key pipeline carrying crude oil in key countries. Yesterday however, crude oil was selling at $77.2 (Rwf 44,833). Recent price fluctuations In May, pump prices increased from Rwf 918 to Rwf 940 per litre for both petrol and diesel; this being the highest pump price the country has ever experienced. In July fuel prices for premium super fell from Rwf 940 to Rwf 925 per litre, as diesel prices fell from Rwf 940 to Rwf 917. Ends

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Fuel prices drop