Fuel prices drop to Rwf874

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The government has announced a reduction in fuel pump prices effective today.

The government has announced a reduction in fuel pump prices effective today.

Effective December 1, all pump prices will be at Rwf874 from Rwf888, an announcement from the Ministry of Trade and industry on Monday read.

According to Francois Kanimba, Minister of trade and industry the fall in fuel prices is attributed to the decrease of crude oil on the international market and also the recent appreciation of the Rwandan Francs against the greenback

“Applicable pump price for the month of December, 2015 will not exceed Rwf874 per litre in Kigali for both diesel and gasoline,” he was quoted in the statement.

The country witnessed the up and downs in fuel prices since the beginning of this year with changing  international prices as well as depreciation of Francs that punched a blow in the economy with widening trade deficit by 6.5 percent in second quarter,2015.

Pump prices dropped from Rwf960 per litre  in November , 2014 to Rwf810 in March,2015 before going up by Rwf30 in May before shooting up to Rwf935  in August  and later to  Rwf920 in September Rwf888  in October, 2015.

According to the Ministry the price fixation also considers other factors such as investors in petrol’s contribute to road rehabilitation fund as well as construction of fuel tanks being built in the east for country to have strategic reserves.

 

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.

More posts by | Visit the site of Ndaka

 

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