Uganda witnessed an increased in imports of petroleum and kerosene in between July and September 2022, latest statistics show.
According to the Uganda Revenue Authority Performance Report for the first quarter of the current financial year (July – September), fuel import volumes by 88.41 million litres (18.06%) compared to the same period last financial year.
This is majorly explained by the increase in volumes of petrol by 71.56 million litres (33.34%) and kerosene by 2.20 million litres (20.73%).
However, diesel import volumes reduced by 5.80 million litres (2.39%).
Nevertheless, URA Commissioner-General John Musinguzi Rujoki said this decline was insignificant to revenue collection and URA registered a surplus of UGX 45.70 billion in petroleum duty.
He said the increase in import volumes of fuel could be due to reduced fuel prices on the international market.
The cost of crude oil on the international market dropped from about $100 (about Shs383,000) per barrel to between $90 (Shs344,000) and $80 (Shs306,000).
This also saw fuel prices in the country drop to below Shs6,000 per litre.
Mr Solomon Muyita, the spokesperson of the Energy ministry, promised that the prices will keep going down as the cost of crude oil continues to drop too.
Mr Ayebare Rukundo, manager economic and financial analysis at Petroleum Authority, says the drop in fuel prices has been forced by headwinds of the economic slowdown, China’s lockdown over Covid-19, and Germany weaning herself from Russian oil and gas imports.