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Energy and Commodities

Posted by on in Energy and Commodities

Rwanda has increased fuel prices by 50 RWF from Tuesday 12 March as announced by the Ministry of trade and industry citing the higher costs on the international market.

In December Rwanda lowered fuel prices  which officials said then  it was due to a reduction in oil prices on the international market. This move is likely to trigger prices rise in almost all major sectors mainly those affected by Transport.

The ministry said that from Tuesday prices for diesel and petrol would be set at a maximum of 1,050 Rwandan francs per litre, up from 1,000 francs in December.

The ministry of trade and industry said the increase was mainly due to the high oil prices escalation on the international market where petroleum products prices increased by an average of 10 percent since January.

Rwanda was spared the worst of soaring inflation and currency weakening in 2011 that hit its African neighbours such as Uganda and Kenya, because of the removal of fuel import duties  that kept food prices down but it is  now being hit by aid suspension by western countries in recent months due to its involvement in Congolese conflict. Its year-on-year rate of urban inflation slowed to 4.79 percent in February from 5.67 percent a month earlier.

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