#fuel prices

Global oil prices have decreased to levels not seen since before the US-Iran war, leading to expectations for lower petrol prices, according to Daily Trust. Despite this drop, fuel prices in Nigeria continue to exceed N1,000, raising concerns about the slow transmission of global market changes to local consumers and businesses.

As fuel prices rise, transport operators in Uganda are focusing on technological upgrades for efficiency. New-generation commercial trucks are being introduced, which promise reduced fuel consumption and longer service intervals. Additionally, these advancements include a pathway towards electric freight transport, as manufacturers prepare to launch electric trucks in the market.

According to The South African Biz, recent fuel price data indicates significant reductions in the prices of both petrol and diesel in South Africa, despite the conclusion of the government's temporary fuel levy relief program. Motorists are expected to benefit from these price cuts next week.

The Kenyan government has announced a Ksh 21.5 billion plan to stabilize fuel prices amid global oil market uncertainties. President William Ruto revealed this intervention on Tuesday while signing the Finance Bill 2026, aiming to prevent sharp increases in pump prices for Kenyans in the upcoming months.

Analysts suggest that there may be relief in fuel prices as Brent crude oil prices have recently dropped significantly to approximately 73 dollars per barrel. This decline in oil prices could potentially lead to lower fuel costs for consumers.

Uganda's annual inflation rate increased to 3.2 percent in May from 3 percent in April, primarily due to rising fuel and transport costs associated with higher global oil prices. This trend has raised concerns at the Bank of Uganda regarding external inflation pressures, while food prices have remained relatively stable. The Uganda Bureau of Statistics reported a monthly consumer price rise of 0.7 percent.