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East Africa to enjoy low fuel costs as global prices drop

There has been a drop in global fuel prices. (FILE PHOTO

DODOMA – High fuel costs is one of the major problems facing Uganda and East Africa at large. Motorists in the region seem to enjoy lower prices for petrol, diesel, and kerosene in the New Year as the global prices have been revised.

In the neighbouring Tanzania, the price of petrol has dropped by 5.8 per cent, diesel 8.69 per cent, and kerosene 7.03 per cent effective January 2.

In Kenya, petrol is down by 8.46 per cent, diesel by 2.58 per cent and kerosene by 11.12 per cent.

According to Tanzania’s Energy and Water Utilities Regulatory Authority (Ewura), the price changes in petroleum products received through the Tanga port and Dar es Salaam are mainly due to a decrease in world oil market prices and increases in the basis point (BPS) premiums, the percentage change in the value of a financial instrument.

Nzinyangwa Mchany, the Ewura acting director-general said the global price for petrol imported through the Dar es Salaam port reduced by $71.898 per tonne, while diesel and kerosene decreased by $115.9 per tonne and $112.45 per tonne respectively.

Same way, retail prices for petrol, diesel, and kerosene have fallen by Tsh141 per litre ($0.06) Tsh212 per litre (US cents 9) and Tsh167 per litre (US cents 7), respectively this January.

On the other hand, premiums for BPS rose by $12.98 per tonne and $10.72 per tonne, and $26 per tonne for petrol, diesel and kerosene.

In Kenya, pump prices stood at Ksh118.11 ($1.15) per litre for petrol, Ksh11.83 (0.12) for diesel and Ksh111.82 ($1.09) for kerosene on December 14.

Uganda consumers currently buy diesel at Ush3,850 ($1.03) per litre, and petrol at Ush4,150 ($1.11) per litre down from last month’s prices of Ush4293 ($1.14) per litre for petrol, and Ush4,004 ($1.07) per litre for diesel.

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