President Yoweri Museveni will today Wednesday 27, address the country for the second time in a span of a week.
His address, according to Linda Nabisayi the presidential press secretary will be centered on pertinent issues led by the escalating fuel prices.
Museveni, ever since his maiden speech on escalating commodity prices has been saying that they (the government) cannot risk subsidizing imports since it will put the country’s reserves in jeopardy.
Currently the prices of fuel cost between Shs6000 and Shs7000 in urban areas and between Shs9000 and Shs10,000 in rural areas.
Fuel importers have placed these skyrocketing prices due to high taxes, and fuel shortage due to the Russia-Ukraine war among others.
However, the march 2022 Economic Policy Research Centre (EPRC) Policy Report revealed that 60% of the factors responsible for fuel price rise can be influenced and controlled by the government if there is goodwill.
Museveni last week told Ugandans during his televised address that the only solution for the skyrocketing fuel prices is transitioning to electric cars.
Ugandans whom we spoke to bashed the president’s advice saying that this is a long-term solution that does not address the current problem.
“Remember fuel drives everything now you can see the prices of each and everything is high because of fuel, he (President) should be realistic.
UBOS’s Latest Consumer Price Index (CPI) which measures inflation revealed that inflation had increased from 6.3% in May to 6.8% in June.
Despite increasing the Central Bank Rate (CBR) from 6.5% to 8.5%, by the Bank of Uganda, the Shilling has continued to decelerate, an indication that inflation is still increasing.
Ray of Hope
While speaking to reporters at State House yesterday, Russian Foreign Minister Sergey Lavrov who is in Uganda for a two-day working visit said that Russia will start selling fuel to Uganda, to solve the problem of fuel impasse.
Museveni while speaking at this same conference warned the western countries to stop persuading them (African Countries) to get sides in the Russia-Ukraine war.
He said that Uganda for example trades with everyone so that nonsense of pro-east, pro-west should be stopped.
It is not yet well known if the president will today change his mind and give an immediate solution especially when a section of Ugandans like in Jinja City have started demonstrating due to hiking fuel prices.
