Fuel prices brought down by up to Rwf 826 a litre

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Fuel prices brought down by up to Rwf 826 a litre

Fuel pump prices have dropped, bringing a sigh of relief among customers who hope this will eventually bring down the cost of doing business.

The ministry of Trade and industry has announced a drop in fuel prices to Rwf 826 up from Rwf 874 effective 1st February, 2016.

In a statement  from the  Ministry, the  drop  is as a result  of falling  crude oil prices  on international market  since  December, 2015 and January  this year.

“The final price of both petrol and Diesel   in Kigali should not exceed Rwf 826 and this will take effect on the first day of February,” said Francois Kanimba, Minister of Trade and industry in a statement on Friday.

The fall this year follows yet another drop in December, 2015 to Rwf 874 from  Rwf 888 in October,2015 which  also  dropped from  Rwf 935 in July  after rising from Rwf 840  in May, 2015. The continued fall, experts say will help the country to further cushion inflation that reduced to 4.5 percent in December, 2015 down from 4.8 percent witnessed in November, 2015 after a fall in food inflation.

“When we hear a fall in fuel prices we expect other prices of goods to reduce because they always tell us fuel is a major cause of an increase in prices of goods,” said Giovani Higiro, a resident of Kigali.

On the announcement of the fall in pump prices, Consumers expected a reduction in prices most goods as well as transport fares.

But the ministry says that the reduction is not likely to create a bigger impact in prices on the consumer side since International prices affect local pump prices by 34 percent.

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About the author

Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

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