Matooke Republic
Monday, July 7, 2025
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
No Result
View All Result

There is little we can do about rising fuel prices, says Energy minister

Matooke Republic by Matooke Republic
September 6, 2023
in Business, News
Reading Time: 3 mins read
13
SHARES
Share on FacebookShare on Twitter

The Ministry of Energy has said that the government has limited ability to address the issue of soaring fuel prices in the country, emphasizing that this is a global concern affecting multiple nations.

Fuel prices have been on the rise since early August, reversing a year-long trend that had seen petrol averaging at Shs4,800 per litre and diesel at Shs4,600.

Currently, petrol prices have surged to as high as Shs5,400 per litre.

RELATED POSTS

dfcu Bank partners with Makerere University to advance research, innovation, and student support

OPINION: Corporate Banking provides value to society

During a plenary session on Tuesday, the Minister of State for Energy, Hon. Sidronius Okaasai, affirmed that the government would continue to refrain from intervening in commodity prices due to factors beyond Uganda’s control.

“Uganda operates a liberalized downstream petroleum market, where pump prices are determined by the forces of demand and supply, guided by the Petroleum Supply Act of 2003 and Petroleum Supply General Regulations (2009) with amendments of 2012 and 2018,” stated Okaasai.

Minister Sidronius Okaasai assured MPs that government will not get involved in fuel pricing insisting the causes are external.

He went on to explain, “The spike in global oil demand, particularly during the summer season in Europe and the United States, has exerted substantial pressure on oil prices. High demand driven by seasonal factors and increased economic activity has significantly contributed to the recent surge in fuel prices worldwide.”

The Speaker of Parliament, Anita Among, who presided over the session, urged the government to formulate a concrete plan to address the rising prices, rather than relying solely on market forces to determine the fate of Ugandans.

“Fuel prices have surged; what immediate, medium, and long-term plans does the government have to mitigate these escalating prices?” she inquired.

Tanzania led the region in the current wave of escalating fuel prices, with Uganda now grappling with the consequences. Neighboring Kenya recently implemented a ‘Fuel Stabilization Fund,’ a form of subsidy aimed at curbing price increases.

However, Minister Okaasai reiterated that his ministry can only “monitor the supply,” emphasizing that all factors contributing to the price spike originate from external sources.

“The escalating fuel prices in Uganda can be attributed to a combination of global factors, including deeper OPEC+ supply cuts, positive macroeconomic sentiment, robust global oil demand, the seasonal impact of Europe and the United States’ summer season, foreign exchange rate fluctuations, and the noticeable rise in oil prices,” he said.

Related

Tags: Fuel pricesGovernment of UgandaMinister of EnergyMinistry of EnergyMinistry of Energy and Mineral DevelopmentParliament of Uganda
Share5Tweet3Send
Matooke Republic

Matooke Republic

Freshly peeled info from area code 256

Related Posts

Parliament to start covering burial expenses for former MPs

by Matooke Republic
3 weeks ago

...

President Yoweri Museveni.

Parliament has saved us from embarrassment — Museveni applauds passage of controversial UPDF Amendment Bill

by Matooke Republic
2 months ago

...

Joel Ssenyonyi.

LoP Ssenyonyi asks IGG to investigate the controversial Shs100 million cash handout to MPs

by Matooke Republic
2 months ago

...

Ofwono Opondo.

Ofwono Opondo to step down as Government Spokesman, eyes Parliament seat for the elderly

by Matooke Republic
3 months ago

...

Deputy Speaker Thomas Tayebwa and Leader of Opposition Joel Ssenyonyi.

Deputy Speaker Tayebwa denies Shs100m payout to MPs as LoP Ssenyonyi shares alleged cash collection video

by Matooke Republic
3 months ago

...

Next Post

ALIEN SKIN: I have disciples, not followers

The Executive Director of the Uganda National Examinations Board (UNEB), Dan Nokrach Odongo.

UNEB releases 2023 examinations timetable

RECOMMENDED

dfcu Bank partners with Makerere University to advance research, innovation, and student support

July 6, 2025

Key Kenyan media personalities react to Bebe Cool’s Break the Chains Album

July 6, 2025
  • 643 Followers
  • 23.9k Followers

MOST VIEWED

  • Here is how to use NIRA’s new online portal to register or renew your national ID

    3830 shares
    Share 1532 Tweet 958
  • Kampala University proprietor Prof Kateregga’s wife rejects DNA results indicating one of three children is not his, demands fresh test in the United States

    90 shares
    Share 36 Tweet 23
  • DNA test confirms late MP Ssegirinya was father to only 4 of 9 children presented after his death

    90 shares
    Share 36 Tweet 23
  • Dj Karo finally wins over Cedric Babu’s heart, introduction underway

    180 shares
    Share 72 Tweet 45
  • Pastor Bugingo’s daughter Doreen Gift awarded scholarship to Arizona State University in the US

    60 shares
    Share 24 Tweet 15
Matooke Republic

Uganda's only free Newspaper. Out every Thursday. Freshly peeled info. kiwatule, Kampala, Uganda.

  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos

© Matooke Republic 2024

© Matooke Republic 2024

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.