There have been more hope after fuel prices on pumps further dropped by Shs1000.
In the past two months, there has been a drop in the fuel pump prices from an average of Shs6,800 a liter of petrol to about Shs5,800, and diesel from about Shs6,400 to now about Shs5,500.
This indicates that petrol has further reduces than diesel.
Honey Malinga, the Commissioner for Petroleum in the Ministry of Energy and Mineral Development, attributed the drop to the stabilization of the international market.
He said that these prices will continue to drop because all the factors that contributed to the increase have since stabilized, and others have been contained.
Solomon Muyita, the principal communications officer at the Ministry of Energy and Mineral Development said that fuel price reduction to a slight drop in prices of crude oil on the international market.
“We have seen a drop in crude fuel prices at the international market,” he said
“In many areas, prices dropped from $100 (Shs372,751) to about $80 (Shs306,156). Usually, when there is a drop in crude oil prices, it translates to a drop in refined product,” Muyita added.
“We have seen it for over two weeks, but only that our countries, which are landlocked and far from the source, take time for that change to be realized at the pump,” he added.
Malinga however said that the prices may remain high in some pumps because this fuel was brought in by these big players through Tanzania during the perceived tension of the recently concluded Kenyan elections.
“As tension was building up in Kenya as the polls drew nearer, some retailers reduced their supplies and waited for the situation to normalize, however, these big players braved the increased transport costs and used the Tanzanian route, and made sure the country has reserves ready for the worst from Kenya,” he said.
