Uganda has fuel stocks to last 3 weeks; minister says pump prices could jump soon

Uganda has enough fuel reserves to last at least three weeks, the Ministry of Energy and Minerals Development has said.

Speaking in light of the global oil markets which remain under pressure due to tensions in the Middle East, Minister of Energy Ruth Nankabirwa announced the country remains stable for now but warned that pump prices could rise if international costs increase.

Nankabirwa said Uganda currently has about 21 days of diesel and 26 days of petrol in stock, while Jet A1 fuel can last up to 41 days. 

She said the government is not worried about immediate shortages, noting that supply plans are already in place for April.

“Regarding the implications of the conflict in the Middle East, we shall continue to monitor the situation. UNOC took a good decision, guided by the president, to get a partner that has potential source petroleum products from different sources. We are therefore not scared, and I am glad to inform the country that Uganda is stable as far as fuel stocks are concerned,” she said.

Nankabirwa added that Uganda is expecting new fuel shipments that will further boost reserves. These include 253 million litres of petrol and 183 million litres of diesel, which she said will sustain the country for about 51 days. 

Another 21 million litres of jet fuel is also expected, covering about 38 days.

“We do have plans for April; ships are on the way, coming from different parts of the world away from the problematic Strait of Harmuz,” she said.

Her remarks come days after motorists reported rising pump prices across the country. 

Petrol has in some places crossed Shs 5,200 per litre, while diesel has moved above Shs 5,300, despite government assurances that supply remains steady.

Nankabirwa cautioned oil marketing companies against taking advantage of the situation. She said there is no justification for price increases in March, given the current stock levels and stable supply routes.

“Our esteemed consumers should be comforted that UNOC is planning to make sure that the country is kept wet. A caution to the Oil Marketing Companies is to not use this opportunity to escalate pump prices,” she said.

However, she noted that if global prices continue to rise due to the conflict, Uganda may have to adjust fuel prices to avoid losses in the supply chain.

The ongoing tensions in the Middle East, especially around the Strait of Hormuz, have already pushed global oil prices higher. The route handles a large share of the world’s oil shipments, making it sensitive to conflict.

Uganda says it will continue to monitor the situation closely as it balances stable supply with rising global costs.