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.