The National Bank of Rwanda (BNR) has announced that the ongoing conflict between the U.S., Israel, and Iran has not yet impacted fuel prices within Rwanda, despite a global increase in oil and gas costs.

During the presentation of the Monetary Policy Committee (MPC) and Financial Stability Committee (FSC) statement on Thursday, March 19, Central Bank Governor Soraya Hakuziyaremye indicated that any potential effects of the conflict on fuel prices would likely become apparent when the Rwanda Utilities and Regulatory Authority (RURA) conducts its next review in May.

“The last review of fuel prices was only in March, which reflected trends from the previous two months. We expect prices to be revised again in May, where we may see the impact of the current price shock on gas and oil,” Hakuziyaremye stated.

Rwanda has previously experienced significant increases in oil prices, notably in 2022 when the Russian-Ukraine conflict drove oil prices above $100 per barrel.

 At that time, government implemented measures, including subsidies and strategic fuel reserves,  to mitigate the impact on households and businesses. Similar interventions could be considered if necessary.

"The government’s priority is to mitigate the impact of energy price increases, especially on vulnerable households, while ensuring that petroleum supply remains stable," Governor Hakuziyaremye emphasizing on the government's commitment to protecting vulnerable households from rising energy costs.

Rwanda imports over half of it's petroleum

Rwanda relies heavily on imported petroleum products, with 57 percent sourced from the Middle East.

The Central Bank is closely monitoring the region for any supply disruptions or price hikes that could negatively affect the national economy.

Despite global economic uncertainties, Hakuziyaremye affirmed Rwanda's economic resilience.

“Economic growth reached 9.4 per cent in 2025, exceeding the forecast of 7.2 per cent. Financial stability has not been affected, and the liquidity buffers, capital, and profitability of our financial institutions remain strong.” She noted.

During the presentation, BNR Deputy Governor Nick Barigye also highlighted the Central Bank's collaboration with other government bodies to maintain energy price stability and safeguard the broader economy.

Barigye detailed that the Prime Minister’s Office, along with ministries of trade and industry, finance, and infrastructure, are leading efforts in this area.

“This coordination looks at how we can create buffers to absorb shocks that we see. There are also efforts aimed at creating more energy independence,"