Fuel pump prices up by 4.4%

KIGALI - Local fuel pump prices in Kigali, yesterday, went up by 4.4 percent, increasing from Rwf 1,015 to Rwf1,060. This is the second price increase in less than two months. The Ministry of Trade and Industry attributed the continued hike to the constant increase in international oil prices over the last two months. The ongoing turmoil in the Middle East is considered the major cause of the price increase. The Minister of Trade and Industry, Monique Nsanzabaganwa, told The New Times in a phone interview, that after negotiations with stakeholders, local pump prices had to be adjusted upwards to match the increasing international prices. In the last two weeks, a barrel of crude oil on the international market has been trading at around US$120 (Rwf 71,400), up from US $114 (Rwf 67,829) a month ago. The Minister noted that the effects of the price increase are yet to be determined. “We have communicated to the regulator (Rwanda’s Utilities Regulatory Agency, RURA) and they will assess the situation but I can’t predict or rule-out whether the fares (transport) will be affected,” Nsanzabaganwa said. The Minister added that food prices are expected to remain stable. “It will depend on the behaviour of the market but food prices shouldn’t change, even last time when fuel process increased, they remained stable,” she added. The Minister pointed out that new fuel prices only apply to Kigali, and fuel upcountry fuel will have different prices depending on their location. “Upcountry filling stations always have different prices, as you go down the village, the higher the pump price,” Nsanzabaganwa noted. Ends

National

Fuel pump prices up by 4.4%