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Veteran economist, Prof. Nuwagaba explains rise in fuel prices

By Prof. Augustus Nuwagaba

Since August 27th, 2023, petrol prices have been increasing and currently, prices stand at an average of UGX 5,300. The major driver is again; IMPORTED INFLATION arising out of cuts in production by Oil Producing Countries.

Saudi Arabia, the World’s largest Oil producer has cut production by 1,000,000 barrels per day, while Russia has also cut production by 500,000 barrels per day.

Rising petrol prices in Uganda are causing concern among many citizens. As we navigate this challenging situation, it is crucial to understand how to cope with this situation; (THREAD)

  1. First and foremost, consider alternative modes of transportation. Walking or cycling for short trips can save you money and promote a healthier lifestyle. Carpools and public transportation are also eco-friendly and cost-effective options.
  2. Embrace public transportation! Using buses not only saves money but also reduces traffic congestion and air pollution. Many cities across the world are expanding their public transit networks, making it easier to rely on them.
  3. If you must drive, consider carpooling or ridesharing with friends or colleagues. Sharing the cost of fuel can significantly reduce your expenses. Plus, it’s a great way to reduce traffic on the roads.
  4. Ensure your vehicle is well-maintained. Regular servicing and proper tire inflation can improve fuel efficiency. Also, removing unnecessary weight from your car and driving at a steady speed can help save fuel.
  5. Explore the possibility of telecommuting or working from home. Remote work can reduce the need for daily commuting and, in turn, lower your fuel expenses.

Prof. Augustus Nuwagaba is an international consultant on economic transformation.

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