The Ministry of Energy and Mineral Development has said it is monitoring the global oil market and exploring strategies to enhance the supply of petroleum products in the country.
In a statement yesterday, the ministry noted that the pump prices in the country have risen, though it did not give specific amounts.
In the last two weeks, diesel and petrol prices have increased between Shs80 and Shs500 at various filling stations in Kampala, with a litre of petrol being sold at more than Shs5,100 and diesel at about Shs4,800.
The Energy ministry has attributed the price increases to the demand and supply in the global oil market, whereby global demand for oil increased to 103 million barrels per day in June.
The ministry also noted that foreign exchange rate fluctuations and prices of Brent crude oil have influenced fuel prices in Uganda.
In its statement, the ministry said the exchange rate against the US dollar was Shs3615 in July and increased to Shs3,725 in August, impacting fuel pricing.
