Rwanda lowers fuel prices, cites weaker global prices

KIGALI (Reuters) - Rwanda has reduced fuel prices after a decline in prices on the international market over the last three months.

Fuel prices and other components collectively have an impact on the rate of inflation in the central African economy, where urban inflation rose to 4.37 percent in the year to April from 3.25 percent last month.

The price for both Super Petrol and Diesel in Kigali was set at a top limit of 1,000 Rwandan francs per litre, down from 1,050 Rwandan francs, the Ministry of Trade and Industry said on Monday evening.

The new fuel prices will take effect on Tuesday June 18.

Fuel prices went up in mid-March by 50 Rwandan francs after the prices on the international market rose.

The increment in March had come three months after yet another reduction in December.

Fuel prices in the country have been fluctuating mainly due to unstable prices on the international market where petroleum products prices increased by an average of 10 percent since January, the ministry said earlier.

Rwanda has managed to keep inflation levels in check even when most countries in the wider East African region were affected by soaring inflation levels in 2011, after the global financial meltdown.

The country's major export routes Kenya and Uganda have since registered a steady decline in inflation levels due to stronger agricultural output.

Rwanda has said inflation has been project to gradually go up to 7.5 percent by the end of the year. The projected increase in inflation levels is attributed increasing commodity prices.

Source: http://news.yahoo.com/rwanda-lowers-fuel-prices-cites-weaker-global-prices-111339577.html

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