Ugandan Petroleum Authority anticipates reduction in fuel prices
The Petroleum Authority of Uganda has predicted that fuel prices will continue to fall in the country as supply chains expand and the Central Bank adopts more conservative monetary policies.
At the time of publication, a litre of petrol cost an average of Shs5,120 [Ugandan Shilling] and a litre of diesel cost Shs5,330.
This fall in prices will provide relief to consumers who are currently dealing with a bad economy. However, industry experts believe that the projected price trend will be influenced by external factors such as the Russia-Ukraine war and the Covid-19 events in China.
In 2022, pump prices reached new highs of nearly Sh7,000 in some parts of the country, sending commodity and service prices higher across the board.
According to Tom Ayebaare, PAU’s manager of economic and financial analysis, the price decrease will increase demand in the economy and support business growth.
Source: Energy Ghana