Ruto tells Kenyans to expect reduced fuel prices ahead of EPRA review
President William Ruto has promised Kenyans reduced fuel prices as the country prepares for the Energy and Petroleum Regulatory Authority (EPRA) to announce new fuel prices for the upcoming month.
Speaking in Kericho on Thursday, March 14, 2024, Ruto expressed optimism about the forthcoming EPRA announcement, suggesting that fuel prices are on track to be more favourable.
Ruto noted his commitment to revitalizing the nation's economy.
The Head of State also pointed out signs of progress, particularly in the currency market noting that the dollar had started becoming stable in the recent past.
"Mimi niliwaeleza mnipatie nafasi kidogo ninyoroshe hii uchumi. Kidogo ilikuwa imeenda ilikuwa imeingia kwa mtaro. Sasa nimetoa kwa mtaro hata mambo ya Dollar mnaona vile inaanza kushika laini. Na leo mtatangaziwa mambo ya mafuta imeanza kuenda laini kwa sababu tuanataka kuhakikisha kwamba kenya inasonga mbele bila ya mzingo na hatari ya mambo ya madeni. We must be careful as a nation," the Head of State said.
Loosely translated as;
"I told you to give me a little chance to improve this economy. It had gone to the trench. Now I've removed it from the trenches. The dollar, you can see that it's starting to get better and today it will be announced that fuel matters have started to straighten up because we want to ensure that Kenya moves forward without the risk of debt issues. We must be careful as a nation."
Last month's fuel prices
EPRA announced the reduction of fuel prices by Ksh1 for petrol, diesel and kerosene for the period between February 15 and March 14, 2024,
"In accordance with Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022, EPRA has calculated the maximum retail prices of petroleum products, which will be in force from 15th February to 14th March 2024," EPRA stated.
In Nairobi, super petrol, diesel and kerosene retailed at Ksh206.36, Ksh195.47 and Ksh193.23.
"The prices are inclusive of the 16% Value Added Tax (VAT) in line with the provisions of the Finance Act 2023, the Tax Laws (Amendment) Act 2020 and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020," EPRA added.
The average landed cost of imported super petrol decreased by 1.71% from US$677.78 per cubic metre in December 2023 to US$666.16 per cubic metre in January 2024.
Diesel decreased by 3.08% from US$751.15 per cubic metre to US$728.03 per cubic metre while kerosene decreased by 1.17% from US$727.00 per cubic metre to US$718.51 per cubic metre.
