Energy Minister Ruth Nankabirwa has issued a stern warning to fuel companies, cautioning them against using the escalating US/Israel–Iran conflict as justification to hike pump prices.
Nankabirwa made it clear that Uganda’s fuel supply remains stable and that there is no basis for price increases, given that the Uganda National Oil Company (UNOC) has not raised its supply costs.
“If UNOC is supplying you at the same price, why should you increase pump prices?” the minister asked pointedly. “This is not the time to exploit global instability for profit.”
She revealed that UNOC continues to source fuel through its partner, Vitol, which has assured Uganda of alternative supply routes away from the troubled Middle East region.
According to the minister, vessels delivering March fuel cargoes are still on schedule, dismissing speculation that supply disruptions could justify immediate price adjustments.
“So why would we see an increase this month?” she questioned. “Uganda is stable in as far as fuel supply is concerned.”
Nankabirwa further signaled that the government is prepared to revisit its agreement with Vitol to determine whether any clause permits price escalation under the current circumstances.
“If there is no provision allowing an increase, then suppliers must adjust and cushion themselves,” she said, adding that the government had safeguarded national interests in the contract.
Her warning comes amid heightened tensions in the Middle East, following the reported closure of the Strait of Hormuz — the world’s busiest oil transit chokepoint — after Iran threatened to target vessels in response to ongoing US/Israel strikes.
Despite the global uncertainty, the minister reassured Ugandans that contingency measures are in place and pump prices are expected to remain relatively stable.
