00:00:00 IGIHE NETWORK KINYARWANDA ENGLISH FRANCAIS

Relief as fuel prices drop in June review

By Wycliffe Nyamasege
On 5 June 2024 at 11:30

Motorists can heave a sigh of relief after the Rwanda Utilities Regulatory Authority (RURA) on Wednesday announced the reduction of gasoline and diesel prices in the June review.

The retail price for gasoline decreases by RWF 101, to retail at RWF 1,663 per litre for the next two months, while diesel will retail at RWF 1,652, down from RWF 1,684.

The new pump prices will take effect at 9:00 pm on Wednesday.

Global market dynamics

"These adjustments are based on recent fluctuations in international petroleum product prices," RURA Director General Rugigana Evariste explained.

Before the last review in April, which saw the retail price of fuel revised upwards, gasoline was priced at RWF 1,637 per litre, and diesel at RWF 1,632 per litre.

Brent crude oil averaged $90 per barrel in April with the conflict between Ukraine and Russia exacerbating the oil market’s instability.

The price of Brent oil per barrel has been fluctuating ever since to retail at $77.1 on Tuesday, May 4, 2024. Further, the price of West Texas Intermediate (WTI) Crude Oil plummeted by 1.5 per cent to retail at $73, down from the $77.3 on Monday.

Last month, the price of Brent oil was around $85 per barrel, while WTI oil prices hit $81 in May.


Advertisement

YOUR OPINION ABOUT THIS ARTICLE

RULES AND REGULATIONS
Kwamamaza