Oil product prices drop

By Elina Jonas Ruzindaza
On 4 May 2020 at 10:42

Rwanda Utilities Regulatory Authority, RURA, has announced that effective May 4, a liter of petrol will cost Rwf965, down from Rwf1088, a Rwf123 drop while diesel will go for Rwf 925 per liter, down from Rwf1073, a Rwf148 drop.

On April 20, 2020, the price of crude oil in the United States (West Texas Intermediate, WTI) reached less than zero dollars, starting to sell at - 37.63.

The amount of petrol was so high that the store started to be small. Analysts say they have refused to set up the cost of transporting and storing it, according to Cushing in Oklahoma where there are large stocks.

“The drop has resulted from a change in prices for petroleum products at the international market,” reads part of the RURA statement dated 3rd March 2020.

Fuel importers cited cases of lack of storage facilities as several trucks have spent weeks at Gatsata over failure to offload which causes extra costs on both importers and suppliers. The Ministry of trade promised to find a solution to the problem.

Importers have instead paid people to taken away the fuel and get it out of their hands.