July 17, 2024

Fuel prices to start dropping in the next two months; President Ruto

3 min read
Fuel prices to start dropping in the next two months; President Ruto

President William Ruto assures Kenyans that the prices of fuel will start to reduce in the coming months

President William Ruto assures Kenyans that the prices of fuel will start to reduce in the coming months.

Speaking in Kirinyaga on Saturday, Ruto said his administration has been looking into ways on how the prices can be dropped.

He said all the logistical challenges that occasioned the hike in prices had been solved and the aftermath would be felt at the pump soon.

“Things will be okay from next year because all the challenges we had before have been addressed,” he said.

While noting that the price hikes were a global thing, the president said Kenya devised a way to cushion itself from the aftereffects of the global oil market forces.

In the next two months, he said, Kenyans would purchase the fuel commodities at friendly prices.

“We are still working on the prices, but we know they have been high the world over. We are seeking ways to ensure that the prices do not rise to levels Kenya would not bear. You have seen from this month the prices are coming down, and that will be the trend next month and the other one,” he said.

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Ruto revealed that Kenya is sourcing fuel at friendly prices thanks to the deal he entered with Saudi Arabia and the United Arab Emirates (UAE).

Fuel consumers were in October paying Sh217.36 for a litre of petrol, Sh205.47 for diesel and Sh204.46 for kerosene in Nairobi.

The prices remained unchanged for a litre of petrol in the November-December cycle while diesel and kerosene dropped by Sh2.

Epra Director General Daniel Kiptoo noted that consumers would not bear the burden despite the average landed cost of imported super petrol having increased by 2.81 per cent per cubic metre in October, diesel by 3.28 per cent and kerosene by 6.31 per cent.

“In order to cushion consumers from the spike in pump prices as a consequence of the landed costs, the government has opted to stabilise pump prices for the November-December 2023 pricing cycle. The National Treasury has identified resources within the current resource envelope to compensate oil marketing companies,” he said in a statement on Tuesday evening. 

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