Drivers of changes in Uganda’s fuel pump prices during the COVID-19 crisis.
This policy note examines fuel price movement in the domestic, regional, and international fuel markets and analyses how local price increases are synchronous with regional and international prices. The global surge in oil prices continued through the first half of 2021 and peaked in October and November 2021.
Because of the lifting of COVID-related lockdown conditions, the rebound in global economic activity led to increased global demand for fuel. However, the supply gap widened because of pandemic-induced supply chain disruptions and reduced global oil production. As a result, crude oil prices increased, raising fuel costs for retailers.
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- Published Apr 17, 2022