{"id":230,"date":"2011-05-23T11:13:14","date_gmt":"2011-05-23T11:13:14","guid":{"rendered":"https:\/\/new.igihe.com\/gov-t-to-boost-oil-reserves-capacity-to-shield\/"},"modified":"2011-05-23T11:00:16","modified_gmt":"2011-05-23T11:00:16","slug":"gov-t-to-boost-oil-reserves-capacity-to-shield","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/gov-t-to-boost-oil-reserves-capacity-to-shield\/","title":{"rendered":"Gov&#8217;t to boost oil reserves capacity to shield consumers"},"content":{"rendered":"<p><strong>When local fuel<br \/>\npump prices went up by 4.4 percent in April, the second price increase in less<br \/>\nthan two months, there was course for alarm. Prices went up from <span data-scaytid=\"1\" data-scayt_word=\"Rwf\">Rwf<\/span> 1,015 to<br \/>\n<span data-scaytid=\"2\" data-scayt_word=\"Rwf1\">Rwf1<\/span>,060. The Ministry of Trade and Industry attributed the continued hike to<br \/>\nthe constant increase in international oil prices over the last two months.<\/strong><o:p><\/o:p><\/p>\n<p><strong><\/strong><\/p>\n<p><strong><\/p>\n<p><\/strong><\/p>\n<p><strong><\/strong><\/p>\n<p>In a move seen to screen&nbsp;Rwandans from external shocks arising from the volatile fuel<br \/>\nmarket,<br \/>\nRwanda plans to boost its<br \/>\noil reserves by constructing an additional 40 million <span data-scaytid=\"3\" data-scayt_word=\"litre\">litre<\/span> storage capacity in<br \/>\na move to cushion.<o:p><\/o:p><\/p>\n<p>The<br \/>\ngovernment has contracted Falcon Oil Limited is to construct the reserves.<o:p><\/o:p><\/p>\n<p>The<br \/>\nfacility is expected to increase the country\u2019s storage capacity to 60 million<br \/>\nup from the current 20 million <span data-scaytid=\"4\" data-scayt_word=\"litres\">litres<\/span>.<o:p><\/o:p><\/p>\n<p>According<br \/>\nto Emmanuel <span data-scaytid=\"6\" data-scayt_word=\"Hategeka\">Hategeka<\/span> , the Permanent Secretary Ministry of Trade and Industry<br \/>\nthe government is considering both short and long term measures to reduce fuel<br \/>\nprice shocks.<o:p><\/o:p><\/p>\n<p>Mr&nbsp;<span data-scaytid=\"7\" data-scayt_word=\"Hategeka\">Hategeka<\/span><br \/>\nsaid though mitigation measures have been made possible through streamlining<br \/>\ntaxation and logistical issues, the country need to increase storage capacity<br \/>\nfor petroleum.<o:p><\/o:p><\/p>\n<p>\u201cIt is like<br \/>\nhedging such that when fuel prices are up, Rwanda is not heavily affected. We<br \/>\nstill have limitations in storage capacity \u2026the way out of this is investing in<br \/>\nfuel storage,\u201d he said.<o:p><\/o:p><\/p>\n<p>With the<br \/>\nincreased storage capacity, the private sector will be encouraged to consider<br \/>\nbulk purchase schemes, Mr&nbsp;<span data-scaytid=\"8\" data-scayt_word=\"Hategeka\">Hategeka<\/span> said.<o:p><\/o:p><\/p>\n<p>Oil<br \/>\ncompanies are required to keep 10,000 cubic <span data-scaytid=\"9\" data-scayt_word=\"metres\">metres<\/span> of operational stock to<br \/>\nensure that there is sufficient petroleum supply. Rwanda imports approximately<br \/>\n17 million <span data-scaytid=\"5\" data-scayt_word=\"litres\">litres<\/span> of oil monthly, both for domestic and industrial consumption.<o:p><\/o:p><\/p>\n<p>The main<br \/>\nsupply route runs from the Mombasa refinery to Nairobi by a 485 <span data-scaytid=\"10\" data-scayt_word=\"kilometre\">kilometre<\/span><br \/>\npipeline and on to Kigali via Uganda by trucks along a 1,250 km road route.<o:p><\/o:p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When local fuel pump prices went up by 4.4 percent in April, the second price increase in less than two months, there was course for alarm. Prices went up from Rwf 1,015 to Rwf1,060. The Ministry of Trade and Industry attributed the continued hike to the constant increase in international oil prices over the last [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[75],"byline":[297],"hashtag":[],"class_list":["post-230","post","type-post","status-publish","format-standard","hentry","category-news","tag-homenews","byline-roxy-rumanzi"],"bylines":[{"id":297,"name":"Roxy Rumanzi","slug":"roxy-rumanzi","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":null}],"contributors":[{"id":297,"name":"Roxy Rumanzi","slug":"roxy-rumanzi","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":null}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/230","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=230"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/230\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=230"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=230"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}