Fuel pump prices slashed for September
Written by: Joseph Mudingu
Saturday, September 3rd, 2016, 10:59
Fuel prices have been dropped and the new pump rates put at Rwf 888 per liter down from Rwf 948. The new prices go in force as of Saturday the 3rd September, 2016, the Rwanda Utility Regulatory Authority (RURA) announced on late Friday.
RURA said the changes comply with accepted international price of petroleum products and are for September and October.
The prices for fuel have been fluctuating every few months and it is supposed that the price will be changed after the two months depending on international market prices.
In May, 2016, the Ministry of Trade and Industry (MINICOM) announced an increase in petrol and diesel prices.
The ministry which still had the petroleum products docket increased pump prices on petrol and diesel from Rwf 826 to Rwf 860 per liter. The increase was due to international oil prices which increased by 35% between January and May 2016.
The increase followed yet another drop in January, when the ministry of Trade and industry announced a drop in fuel prices to Rwf 826 up from Rwf 874 that was effective 1st February, 2016.
On the announcement of the fall in pump prices, Consumers expect a reduction in prices mostly on goods as well as transport fares. But according to the ministry, the reduction is not likely to create a bigger impact in prices on the consumer side since International prices affect local pump prices.