Massive blow to ‘Hustlers’ as CBK Governor PATRICK NJOROGE reveals when price of fuel will drop.

 

Wednesday, September 21, 2022 – Central Bank of Kenya (CBK) Governor, Dr. Patrick Njoroge, has revealed the date when the price of fuel will decrease.

Last week, the Energy and Petroleum Regulatory Authority(EPRA) increased the price of Super Petrol by Sh20 to a record high of Sh179.30 per litre, Diesel increased by Sh25 to Sh165, while Kerosene increased by Sh20 to Sh147.94 in Nairobi.

Speaking on Monday, during the Members of Parliament induction, Njoroge explained that while the cost of fuel in the international market had hit a record high in previous months, the cost had begun dropping.

“As you can see it had gone as far as $130 a barrel, that was in March and now it has come down to $93 a barrel,” Njoroge said.

“The expectation is that this will come even more to the point where we wouldn’t have to have the subsidies,” Njoroge added.

The CBK boss attributed this drop to the resumption of relative normalcy in the countries that produce oil.

He added that while the regulator will execute its mandate by trying to regulate inflation, a more permanent solution will be realised when the cost of fuel drops.