The Governor of the National Bank of Rwanda (BNR), Soraya Hakuziyaremye, has said the ongoing tensions between Iran and the United States have not yet had a significant impact on Rwanda’s economy, particularly on fuel prices.
She made the remarks on Thursday, March 19, while presenting the country’s six-month economic outlook, covering key indicators for 2025 and the first quarter of 2026.
The briefing brought together stakeholders from across Rwanda’s economic sector to assess performance and explore strategies to sustain growth while managing inflationary pressures.
Global concerns remain high as rising tensions in the Middle East—also involving Israel—continue to push up petroleum and gas prices. Analysts warn that any disruption of the Strait of Hormuz, which carries nearly 20% of global oil supply, could trigger further price shocks.
However, Hakuziyaremye noted that Rwanda has not yet experienced a substantial increase in domestic fuel prices. The latest data shows only a slight rise in diesel prices to Rwf 1,948 per litre.
“We expect the Rwanda Utilities Regulatory Authority (RURA) to conduct its routine price review every two months. This means any effects from global price increases may begin to be felt around May,” she said.
Her remarks come amid broader government efforts to cushion the economy from external shocks. Authorities have already moved to stabilize fuel supply and prices, including working with traders and financial institutions to ensure adequate stock levels.
Rwanda has also built experience in navigating global crises, including the COVID-19 and the Russia–Ukraine War, both of which led to sharp increases in global commodity prices.
To mitigate potential impacts, the government has put in place measures such as subsidies to limit sudden increases in fuel prices. Strategic fuel reserves are also maintained, with the capacity to sustain the country for several months in case of supply disruptions.
“One of the key approaches is to absorb part of the cost so that fuel prices do not rise sharply and burden citizens and businesses,” she explained.
She added that maintaining sufficient reserves remains central to Rwanda’s preparedness.
“The country ensures it has adequate fuel stocks, including strategic reserves that can be used if the crisis persists, helping to ease pressure on prices,” she said.
Beyond fuel, similar precautions have been taken for essential imports such as food. Authorities have secured adequate supplies to reduce the risk of shortages in case global supply chains are disrupted.
Agricultural inputs, including fertilizers, were also imported ahead of the current planting season, easing immediate concerns unless the conflict extends into future cycles.
Hakuziyaremye emphasized that the central bank will continue to guide relevant institutions to ensure price stability and protect the economy.
“We will continue to apply these measures whenever necessary to ensure that the impact on prices remains manageable,” she said.
While global uncertainties persist, Rwanda’s approach reflects a broader strategy of resilience—shielding households and businesses from external shocks while keeping the economy on a stable path.
