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Wednesday, April 20, 2011

Oil Prices Rise, Again

Now people will have to dig deeper into their pockets as fuel prices have once again been increased. According to a communiqué sent to newsrooms, starting Tuesday, the pump prices for both super and diesel have been increased to 1,060 RWF per litre, up from 1,015 RWF.
This according to the Minister of Commerce and Industry Monique Nsanzabaganwa is due to the constant increase in international oil prices over the last one and a half months, which has so far increased by more than 12%.

The increase in fuel prices is however not unique to Rwanda alone. In Kenya, for instance, a liter of Super Petrol is now selling at a retail price of  US$ 1.40 with diesel going at US$ 1.18 a litre. This latest increase accounts for an overall increase of between KSH 1.20 and 5 per litre for the products under review from the prices set by the Commission last month after taking into account all prudently incurred cost inputs by oil marketers.

With this trend continuing, it only remains to be seen whether new mechanisms and approaches to deal with the increase in the oil prices will be devised by the relevant authorities, and that local pump prices will not exceed an average of 4%.

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