Fuel prices hiked

KIGALI - The government yesterday announced a hike in pump prices of petroleum products, an increment that was attributed to the increase of international fuel prices over the past few months. According to a statement from the Ministry of Trade and Industry (MINICOM), the volatile global oil market means that the Rwandan market is also affected. The prices increased by 2.6 percent for premium super (from Rwf920 per litre to Rwf944) and 2.2% on Gasoil (Rwf913 to 933). “This is a modest increment and has been made possible due to the close public-private-partnership that exists between the Government and the Petroleum dealers in Rwanda, given the aforementioned substantial increases on the world market,” reads a statement from the Ministry. Under normal circumstances, the statement says, prices on a litre would have gone up by at least 6%. International oil prices have been rising sharply since September 2010 when a barrel cost $72/barrel but is now trading at about $87. “That is a 22% increase in over two months,” adds the statement. The Ministry emphasized that the international prices did not only affect Rwanda, but also regional countries. “For instance, over the past two months, pump prices increased in the ranges of 30% to 50% in some of our neighbouring countries as a result of global prices.” In September 2010 refined global fuel prices rose by 2% but the government persisted by stabilizing pump prices. A further increase of 8% in October 2010 makes the overall increase to more than 10%. Ends

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Fuel prices hiked