UNOC Profits Surge to UGX 359.7b, but Fuel Buffer Gaps Expose Supply Risks UNOC posted UGX 359.7b profit in 2024/25, but Uganda still lacks strategic fuel reserves.

Uganda National Oil Company (UNOC) posted a strong profit of UGX 359.7 billion in the 2024/25 financial year, a sharp turnaround from the UGX 3.7 billion loss recorded the previous year.  The profits notwithstanding, Uganda remains without adequate strategic fuel buffer stocks. According to the Auditor General’s Annual Report 2025, UNOC’s improved profitability following the acquisition of key fuel importation licences, enabling the company to operate more competitively across the petroleum supply chain. However, the Auditor General highlights a growing contradiction: while UNOC has strengthened its commercial fuel import operations and exceeded key targets, critical gaps persist in storage infrastructure,…