Minister of Energy and Mineral Development Ruth Nankabirwa has assured Ugandans that there is no immediate reason for increase in fuel prices this month.
Her remarks come at a time when motorists are already feeling the pinch, with fuel prices climbing from about Shs4,800–5,000 per litre to around Shs5,250–5,260 per litre in many parts of the country.
“We are closely watching and Monitoring companies that want to take advantage of this situation and exploit Ugandans,” said Nankabirwa
The minister said the government anticipated possible disruptions in global oil supply and acted early to secure fuel from alternative sources. She noted that this move was aimed at keeping the country stable and avoiding the sharp price spikes seen during the early stages of the Russia-Ukraine War.
According to Nankabirwa, the Uganda National Oil Company played a key role by partnering with suppliers capable of delivering fuel from different markets.
She added that Uganda currently has enough fuel reserves to remain stable in the short term. The country has petrol stocks that can last about 26 days, diesel for 21 days, and aviation fuel for up to 40 days. More shipments are also on the way, including 283 million litres of petrol and 183 million litres of diesel, which are expected to extend supply for nearly two months.
Globally, concerns are growing over possible supply disruptions, especially for countries that rely on oil transported through the Strait of Hormuz. Any escalation in tensions in that region could push prices higher.
While the government insists the situation is under control for now, sustained high global oil prices could still lead to increased transport costs and a rise in prices of goods and services in the coming weeks.
