The Minister for Energy and Mineral Development, Ruth Nankabirwa, has revealed that the Ugandan government has entered into an agreement with Vitol Bahrain, a Middle Eastern company, to monopolize the importation of petroleum products. This development comes as a response to the ongoing challenges of increasing fuel prices in the country.
The Committee on Environment and Natural Resources recently held discussions with Minister Ruth Nankabirwa and the Attorney General, Kiryowa Kiwanuka, shedding light on the government's partnership with Vitol Bahrain.
While the agreement was signed without prior disclosure, the lack of a legal framework to support its implementation has raised concerns. "While this may raise concerns among members of parliament, the agreement's enforcement is contingent on the passage of the Petroleum Amendment Bill 2023." Kiryowa stated.
Members of Parliament also expressed concerns about Vitol, emphasizing its questionable track record with continued price hikes in its costings. The committee further questioned who would regulate the monopolized company, prompting discussions about potential backtracking on the government's liberalization policy.
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