Stakeholders in the fuel industry reveal when exactly fuel prices will drop and Kenyans can’t wait – Look!

 

Thursday, September 22, 2022 – Stakeholders in the fuel industry have given Kenyans some hope by revealing when exactly the fuel prices will fall.

Speaking yesterday, Martin Chomba, the Chairman of the Petroleum Outlet Association of Kenya, a key stakeholder in the energy sector, hinted that fuel prices are likely to fall in the next price cycle.

According to Chomba, the Organisation of Petroleum Exporting Countries (OPEC) basket prices will open in late September.

“If you look at this and study the world market of the crude that we consume, prices have started plummeting. We have come from the highs of about 120 dollars barrel to the current 80 something dollars per barrel,” Chomba stated.

He further noted that Kenyans will have to wait until the beginning of the November- December Cycle to begin feeling a sigh of relief in fuel prices due to a decline in pump prices in the global market. 

Currently, Kenyans are confronting the high cost of living, compounded by a spike in pump prices, following a review by the Energy and Petroleum Regulatory Authority (EPRA).

The problem was compounded by the move by President William Ruto to remove fuel subsidies on petrol.

Today, a litre of Super Petrol is going for Ksh179.30 after it increased by Ksh20. Diesel increased by Ksh25 to Ksh165 while Kerosene rose by Ksh20 to Ksh147.94 in Nairobi.

Central Bank of Kenya (CBK) Governor Dr. Patrick Njoroge, during the induction of MPs, projected that fuel prices will drop by December despite President William Ruto ending the subsidy.

He said that the Prices will drop because of the normalcy being experienced in countries that produce oil products.