The Minister of Energy and Mineral Development Ruth Nankabirwa, has warned oil companies operating in the country against taking advantage of the escalating US/Israel war with Iran to increase prices of fuel to make profits since Uganda National Oil Company (UNOC) which supplies them fuel is still supplying it to them at the same price.
“Pump prices depend on different factors but when UNOC comes out and says that we are able to supply you at the same cost you have been supplying me, you the oil marketing company, you are getting products from me, UNOC. I have not increased, why should you increase?”
She added, “If UNOC has not increased and it’s telling you that I am still working with the same supplier, the same supplier assured me that they are going to get other sources away from where trouble is in the Middle East, why would you increase prices, if it is the same supplier”.
Minister Nankabirwa warned the fuel dealers who have been picking fuel from Vito through UNOC to desist from increasing the fuel prices at the cost of making profits from the ordinary Ugandan consumers.
“I just want to really call upon the oil marketing companies not to take advantage of the global instability and raise pump prices because they want to make profits. Time has not warranted that, Uganda is currently stable in as far as fuel supply is concerned” she said.
Nankabirwa revealed that vessels bringing oil products for the month of March are scheduled to arrive in the country on time.
“So why would we see an increase in this month, for example? So we are continuing to watch. If Vito comes back and says I tried these other sources, I also tried this, I managed to get the products but the cost has gone up” she said.
Nankabirwa added, “We revert to the agreement that we signed with Vito, is there a provision that allows Vito to increase? The provision might not be there, so that means Vito which has been enjoying the profits, time has now come for them to really adjust and cushion themselves. So I will look at the agreement again, but I remember we cushioned ourselves in the agreement that we signed between UNOC and Vito”.
Earlier in a Tuesday statement, Minister Nankabirwa, reassured all Ugandans that the country’s fuel supply remains stable despite the recent developments in the Middle East.
“Together with the UNOC_UG and our supply partner Vitol, we are closely monitoring the situation and have put in place contingency measures to ensure uninterrupted deliveries. Scheduled cargoes for March 2026 remain on course, and we expect pump prices to remain relatively stable” she said.
Minster Nankabirwa’s warning to fuel companies follows the closure of the Strait of Hormuz, the world’s busiest oil shipping channel after Iran warned that it will set fire on any ships trying to pass through it, in retaliation of the continued US/Israel bombings in the country.
