Following the unprecedented hike in fuel prices, the Federation of Small Medium Sized Enterprises(FSMEs) has asked the government to set up a competition authority to address the issue.
Speaking to the media during a news conference on Tuesday, the executive director of FSMEs, John Walugembe said the resultant high fuel prices are affecting and impeding the ability of small businesses and the economy as a whole to get back on its feet.
"We are informed that some private operators are engaged in the hoarding of fuel in order to artificially push up the prices, which is very unfortunate and sadly some of these are SMEs operating in rural areas. We would like the government to come up with the competition law and set up a competition authority that can hold private players to account," he said.
Walugembe called for the operalisation of Uganda oil reserves such that the country can have back up fuel in case of a similar crisis in future.
"We are not sure if the country has invested in its strategic oil reserves. This situation implies that as a country, we are depending on fuel imports primarily through road transportation and as you all know road transport is not the cheapest means of transportation for goods and services," he noted.
He urged persons concerned to expedite the testing of truck drivers in order to ensure that this crisis is resolved as soon as possible.