As global oil prices continue to fall, a top government official revealed, on Thursday, that the government departments and fuel dealers are set to meet next week to discuss whether pump prices should remain stable or decrease.
In the past few weeks, a barrel of oil on the international market has fall below $76 (Rwf44,156) from $89 (Rwf51,709) a barrel amid signs the U.S. economic recovery and demand for crude remain uneven.
The Ministry of Trade and Commerce, Monique Nsanzabaganwa told Business Times sthat as it is normally done at the beginning or end of every month, the government will meet with petroleum dealers.
“We are planning to meet with the concerned parties, then we will monitor price structures internationally and reach an agreement on local pump price to decide whether they should remain stable or reduce accordingly,” Nsanzabaganwa.
Last month, pump prices increased from Rwf918 to Rwf940 for both petrol and diesel per litre being the first highest pump price the country has ever experienced and the increase was attributed to the hike of a barrel on the international market from $70 (Rwf40,880)to $89 (Rwf51,709).
Also in the recent past, concerned government departments and fuel dealers have been engaged in stretched ‘internal discussions’ aimed at regulating, or even abating, the spill-over effect of what is now a worrying global oil crisis.
Officials at the Ministry recently revealed that policy is ready and being debated, so that local prices are protected in circumstances of hikes on the international and region market to protect consumers.