Following a drop in oil prices below $50 per barrel on International market, Rwanda has announced a drop in petrol and diesel prices to Rwf1002 ($1.2) and Rwf950 ($1.1).
The regulator Rwanda Utilities Regulatory Authority (RURA) said the new reduced pump prices are result of drop on the global markets, which went down from $55 some days ago to $49 per barrel.
Last month RURA raised rates to Frw1022 per litre of petrol and Frw958 for diesel.
In a communique released this evening, RURA told public transporters “The new fuel prices does not mean there has be increase or reduction on prices of transport.”
The new prices come into effect tomorrow, May 5, RURA added.
On International market, the drop in oil prices – the lowest since late November last year, is attributed to rising global supply and high inventories effectively wiped out most of the gains made since Organization of the Petroleum Exporting Countries (OPEC) announced its first supply cut in eight years.