The government of Uganda has begun engaging various stakeholders within the energy sector to stabilize fuel prices.
In August of this year, the Uganda National Oil Company (UNOC) assumed full responsibility for the importation of petroleum products, marking a significant shift in the nation’s energy landscape.
After UNOC took on the exclusive role of importing petroleum products, which are subsequently distributed to oil marketing companies (OMCs), Ugandans hoped that fuel prices would decrease.
However, since then, prices have remained high, causing concern within the government.
Speaking shortly after her monitoring exercise at the government storage terminal in Jinja on November 7, 2024, the Minister of State for Economic Monitoring, Beatrice Akello, said the government’s target is to keep fuel prices below Shs4000 per liter.
“We realized that when UNOC started ordering for full directly. we were thinking that the fuel prices would come down but instead, we realized that the fuel prices went up,” she said.
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