From 1st October 2011, the price of petroleum products will cost lower. This follows an announcement by the Ministry of Trade and Commerce.
According to the ministry announcement, Kigali fuel price for super and diesel must not exceed Frw1000 per liter. MINICOM had always attributed the trend to the international oil prices, which are governed by the forces of supply and demand.
The current status of petroleum products has been frw1025per litre in Kigali but some taxi drivers say that in suburbs it costs more .
Pump prices for both petrol and diesel went up by 5%, recording the highest hike in pump prices the country has ever experienced early this year where petrol rose by 5% (Rwf965 to Rwf1,015 per litre) and diesel, 6%(from Rwf958 to Rwf1,015).
This has come again after the pump price for gasoline in Rwanda was last reported at 1.63 in 2010, according to a World Bank report released in 2011. The Pump price for gasoline in Rwanda was reported at 1.37 in 2008, according to the World Bank. Fuel prices refer to the pump prices of the most widely sold grade of gasoline
The Minister of the trade and commerce informs the general public, that the reduction of the pump prices reflects the current dynamics in the international oil prices as observed during the month of September.
Rwanda being the fastest country growing economies in central Africa has recorded sustained and widespread economic growth on the African Continent, a senior official at the World Bank in a report.
90% of Rwandan population is engaged in subsistence agriculture, new industries such as tourism, cut flowers and fish farming have been gaining importance. The major source of foreign trade is coffee, tea, tin cassiterite, wolframite and pyrethrum.
It said in a statement released in May that growth would slow to 7% this year due to the adverse impact of higher food and fuel prices, which would also push the inflation rate to 7.5% by the end of 2011.
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