Business

Fuel Companies Set to Raise Pump Prices

The public has been warned to watch out for higher pump prices following the increase in excise duty on fuel.

The excise duty on Petrol and diesel was in the recently read budget increased by shs 50 and this is expected to raise shs 62billion to support infrastructure investment.

Vivo Energy Managing Director Mr Hans Paulsen says as a result,  the price of fuel is expected to rise accordingly.

He further predicts that transport and food prices are likely to shoot up with the high fuel prices.

Mr Alan Emron, the Total Retail Manager told Chimpreports on Saturday that other factors including the raising prices of the US Dollar are likely to exacerbate the pump prices.

“You realize we import most of our products in US Dollars,  so when its prices keeps going up, we are left with no choice. The fuel prices over the past days have been going up already,” he said.

Meanwhile, Vivo’s Paulsen expressed disappointment that there was nothing said in the budget about cooking gas. He was advocating for a tax exemption on Liquefied Petroleum Gas in order to increase the usage of cooking gas in Uganda.

Currently in Uganda usage of cooking gas remains low at 15% compared to western African countries with 50% due to tax exemptions.

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He however expressed gratitude that works and transport got a good share of the budget but noted that execution of the projects should be key since many roads have appeared in previous budgets but remained undone.

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