Page 11 - AfrOil Week 33 2021

AfrOil PERFORMANCE AfrOil
However, Boateng moved to provide reassur- ance, saying that the problems facing the refin- ery were purely financial.
Additionally, he stated that he hoped to find a lasting solution to the problems, with the help
of TOR staff.
“One of the things I always thank my parents
foristhattheytaughtushowtosolveproblems,” he said. “We have to solve the problem at TOR, and I will solve it.” ™
POLICY
Rwanda says motor fuel price subsidies will remain in place until end-September
RWANDA
the end of September. Decisions about whether to continue the subsidy programme will depend on the state of the national economy, as well as global oil prices, he stated. In the meantime, he said, as long as the subsidies are in place, the gov- ernment will also suspend collection of taxes on gasoline and diesel. ™
THE government of Rwanda has decided to maintain motor fuel prices at current levels until the end of September.
Rwanda Utilities and Regulatory Authority (RURA) announced the price freeze on August 14, saying that officials in Kigali had decided to subsidise gasoline and diesel prices for a period of two months ending on September 30. The government has already spent about RWF15bn on the subsidy programme, according to Ernest Nsabimana, the director-general of RURA.
Nsabimana said that the government had taken action because of economic concerns. “This decision has been taken in order to avoid the effects on the economy [that] might be caused by the hiking in price of fuel products,” he was quoted as saying in a RURA statement.
In the statement, he explained that diesel prices might have gone up to RWF1,122 per litre for diesel and to RWF1,172 per litre for gasoline without the subsidies. These price hikes would have driven transport costs up for both people and goods, thereby spurring a rise in the cost of living, he said. Rwanda’s government was keen to avoid this, since the country’s economy has not yet recovered from the effects of the corona- virus (COVID-19) pandemic, he added.
He further indicated that Rwandan authori- ties would reconsider fuel pricing policies after
PROJECTS & COMPANIES
United Oil and Gas begins drilling ASX-1X well at Abu Sennan licence in Egypt
EGYPT UNITED Oil & Gas (UOG) spudded the ASX-1X exploration well in the Abu Sennan
licence in Egypt on 14 August.
United holds a 22% working interest in the
licence, which is operated by Kuwait Energy Egypt. ASX-1X is a vertical exploration well, located 7km to the north of the producing Al Jahraa Field.
RURA headquarters in Kigali (Photo: RURA)
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