Trade Cabinet Secretary Moses Kuria has warned Kenyans of increasing fuel prices every month until February 2024.
According to the CS, the increase in fuel prices is due to the worldwide rise in crude oil prices. With this estimate, the price of oil will be retailing at Ksh 260 in February 2024.
“Global crude oil prices are on an upward trajectory. For planning purposes, expect pump prices to go up by Ksh 10 every month till February,” Kuria said.
Shortly before the CS remarked on the price of fuel, the Energy and Petroleum Regulatory Authority (EPRA) had just released a statement. The statement read that starting September 15, the price of oil would increase by Ksh 33 per litre.
Consequences of Increased Fuel Cost
Due to the consistent increase in oil prices, Kenyans are grappling with the high cost of living. With the statement released by the CS, Kenyans are worried that the high cost of living will not be reduced any time soon.
Prior to the announcement by EPRA, the Kenya Kwanza administration had revealed plans to petition the increase of VAT placed on fuel. This would be an increase of 2 per cent. After the passing of the Finance Act 2023, the VAT on fuel was 16 per cent. The administration is suggesting an increase to 18 per cent.
Increasing the VAT on fuel would further increase the cost at which fuel is retailed. Consequently, Kenyans will be unable to keep up with the cost of living which will rise after the increased VAT.
The increased fuel prices announced by EPRA have resulted in fare increases by the public transport system. This increase in prices will make life harder for the citizens of Kenya who cannot keep up with the cost of transport.
Most citizens have called out the Kenya Kwanza administration for not fulfilling their campaign promises. President William Ruto while campaigning promised to reduce the cost of living in all the sectors. Instead, Kenyans are angered that the cost of living has doubled since he stepped into office.
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