President William Ruto, in a recent address on Thursday, March 14, has instilled hope in Kenyans by forecasting a decline in fuel prices, coinciding with the pending announcement from the Energy Petroleum Regulatory Authority (EPRA) regarding the new fuel pricing structure. Speaking amidst the inauguration of the Kapsuser-Sosiot Road in Belgut, Kericho County, Ruto took the opportunity to assure the nation of his administration’s efforts in stabilizing the volatile fuel sector.
Emphasizing the significance of such measures, Ruto articulated his commitment to national transformation, a pledge he reinforced while inaugurating the Kericho Passport Centre. “I want to tell you that even fuel prices will go down, so relax,” he affirmed to the gathered residents, coupling his reassurance with promises of improved job opportunities.
EPRA to announce new Fuel Prices
The anticipation builds as EPRA traditionally announces new fuel prices every 14th day of the month, making today, March 14, a pivotal date for Kenyan consumers. Ruto seized the moment to highlight the fulfillment of his prior commitment to devising a framework for mitigating fuel price fluctuations. Just last month, on February 14, EPRA implemented a modest reduction of one Kenyan shilling per liter for Petrol, Diesel, and Kerosene.
As of the present, the retail prices stand at Ksh206.36 for Petrol, Ksh195.47 for Diesel, and Ksh193.23 for Kerosene in Nairobi. Ruto, in previous instances, had clarified that his administration did not directly influence fuel pricing, attributing the fluctuations to decisions made by various stakeholders, including oil producers. “I am not in any way responsible for the drop and increase of oil prices,” he iterated in December 2023, underscoring the complexities involved in determining fuel costs.
Notably, Kenya’s previous engagement in a government-to-government oil deal with entities from Abu Dhabi, Saudi Arabia, and the United Arab Emirates aimed to stabilize the local currency by reducing the demand for foreign exchange. However, the efficacy of this arrangement came under scrutiny, leading to its cessation. The Treasury acknowledged that the intended objectives were not met, signaling a shift in the approach towards addressing currency fluctuations.
Finally, as Kenyans await the impending announcement from EPRA, Ruto’s assurances provide a glimmer of hope amidst economic uncertainties. The potential reduction in fuel prices carries profound implications for consumers and businesses alike, reflecting the ongoing efforts towards fostering economic stability and prosperity.
