We are monitoring fuel pump prices – govt
Ms Beatrice Akello Akori (L) the State Minister for Economic Planning pose for a photo with Ms Joanita Mukasa Menya the Managing Director of Vivo Energy Uganda after the meeting in Kampala on Wednesday. Photo | Courtesy
What you need to know:
- Ms Akori revealed that the fuel pump prices are now drastically falling following the direct intervention of the government through the new importation plan.
The State Minister for Economic Monitoring Ms Beatrice Akello Akori has revealed that her ministry is still keenly following the pump prices to ensure that they drastically drop.
During the meeting with Ms Joanita Mukasa Menya, Managing Director of Vivo Energy Uganda in Kampala on November 6, Ms Akori revealed that the fuel pump prices are now drastically falling following the direct intervention of the government through the new importation plan.
In the new plan, the government empowered the State-owned Uganda National Oil Company (Unoc) to take over sole fuel importation and then sell to the over 40 local oil marketing companies.
“I pledge a continuous government role in monitoring and supporting industry players as we work to overcome these barriers. We are also committed to supporting growth within the sector because we know that a collaborative approach with your stakeholders would be essential to achieving sustainable and affordable fuel solutions for all Ugandans,” she said.
Ms Menya emphasised Vivo Energy's commitment to collaborating with the government to uphold fair practices and ensure fuel accessibility across the nation.
“Fuel prices have a widespread impact on all sectors of the economy, underscoring the urgent need for robust measures to mitigate price volatility. We acknowledge the importance of increased government oversight, improved supply chain efficiency, and strategies to address factors contributing to high fuel costs at the pump,” she said.
She highlighted the importance of technology-driven solutions, such as digital platforms for real-time tracking of fuel prices, which could enhance transparency and build consumer trust.
However, Ms Menya acknowledged various obstacles, including infrastructure constraints, high importation costs, and global oil market fluctuations, all of which directly affect fuel pricing and accessibility within Uganda.
Since Unoc activated the importation plan with 80m litres of petrol and 90 million litres of diesel in July this year, officials said that the pump prices have gone down.
The prices of a litre of petrol and diesel which was fluctuating beyond Shs5000, they said will be reducing slowly.
The two unanimously agreed that Uganda’s downstream oil sector is well-positioned to achieve a balanced, resilient, and consumer-friendly energy market that aligns with national goals for economic growth and sustainable development.
They both agreed that strategic investments in infrastructure and collaborative partnerships with stakeholders could reduce operational costs and stabilise the country’s fuel market.
