President Museveni signs petroleum supply (Amendment) Act, 2023

What does this mean for Uganda’s oil industry?

On Thursday last week, President Museveni signed into law the petroleum supply (Amendment) Act, 2023. This law will give the Uganda National Oil Company (UNOC) exclusive rights over the importation of Oil into the country. UNOC will buy the fuel from Vitol EC Bahrain. The justification the government gave to introduce Vitol EC…

SAMUEL OBEDGIU: This UNOC-Vitol deal won’t bring down pump oil prices

Recently, concerns have been raised about the UNOC-Vitol deal and its impact on pump oil prices in Uganda. Samuel Obedgiu, an industry expert, believes that this partnership may not necessarily lead to a decrease in oil prices for consumers. While UNOC will have exclusive rights over oil importation, there are doubts about whether this will result in better pricing for the average citizen.

How will this affect me?

The UNOC-Vitol deal could potentially impact consumers in Uganda. If pump oil prices do not decrease as expected, it could lead to higher costs for individuals and businesses, ultimately affecting the cost of living in the country.

How will this affect the world?

While the UNOC-Vitol deal is primarily focused on Uganda’s oil industry, its implications could have ripple effects globally. Changes in oil pricing and supply in Uganda may influence the international oil market and impact global energy trends.

Conclusion

In conclusion, the UNOC-Vitol deal brings with it both opportunities and challenges for Uganda’s oil industry. While exclusive rights over oil importation could potentially benefit the country, concerns about pump oil prices remain. It is important to closely monitor the implementation of this partnership and its effects on both the local and global scale.