Petroleum Authority predicts further reduction in fuel prices

Kampala, Uganda | THE INDEPENDENT | The Petroleum Authority of Uganda is predicting a further fall in fuel prices in Uganda on the back of increasing supply chains and frugal monetary policies by the Central Bank. By press time, a litre of petrol was going for an average of Shs5,120 and diesel Shs5,330. This will further serve as relief to consumers who are struggling with a bad economy at the moment. But industry pundits say, the projected trend in price will also depend on external factors like the Russia – Ukraine war and the Covid-19 events in China.

Last year, 2022 saw pump prices hit new reaching almost Shs7,000 in some parts of the country – this in turn sent prices of commodities and services across the board on an upward trajectory. Tom Ayebaare, the manager of economic and financial analysis at PAU said the reduction in price will boost demand in the economy and support business growth.

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