Motorists in Rwanda will effective Thursday pay different prices for diesel and petrol to fill up their vehicle fuel tanks.
Rwanda Utilities Regulatory Authority (RURA) announced Wednesday that Petrol and diesel prices had been revised. “Frw987 per litre of petrol while Diesel will cost Frw 962 per litre.” RURA says the revision of prices for fuel has been in responce to the global price fluctuations for oil.
According to OilPrice a firm that monitors global oil price trends, “the oil industry took a tumble in 2020, but the tides are beginning to turn. Oil prices are currently wading cautiously in the $50 range as a new wave of lockdowns has brought the Western world to another standstill. Despite this, however, demand for oil in Asia is returning to pre-pandemic levels and the market is loving it.”
The early stages of the rollout of Covid-19 vaccines have stoked optimism around the trajectory for an economic rebound, and oil has emerged as a favoured trade to hedge inflation.
“The expectation that there will be a ‘roll-over’ in February of January production levels was an initial boon for oil prices,” Bjornar Tonhaugen, head of oil markets at Rystad Energy, said in an email.
However, discord between Russia and Saudi Arabia raises the concern that OPEC+ “will emerge without a clear consensus, or worse.” Crude futures in New York earlier approached $50 a barrel, rising to a 10-month high.