President Uhuru Kenyatta has averted another fuel price increase for Kenyans today by authorizing a Sh16.67 billion subsidy to maintain current fuel prices.
According to State House Spokesperson Kanze Dena, diesel will continue to retail at Ksh 140.00, petrol at Ksh 159.12, and kerosine at Ksh 127.94 after the Head of State authorized an additional Ksh 16.675 Billion fuel subsidy.
“It is notified that His Excellency the President has today authorized an additional fuel subsidy of Ksh 16.675 Billion, so as to cushion Kenyans from a further increase in fuel prices. With today’s presidential action, diesel will continue to retail at Ksh 140.00, petrol at Ksh 159.12 and Kerosine at Ksh 127.94,” said President Kenyatta.
The President stated that if the government had not intervened, diesel would have cost Ksh 193.64, petrol Ksh 209.95, and kerosene Ksh 181.13.
“In response to these challenges, the Government has over the last year implemented a fuel stabilization programme that has offered reprieve to Kenyans at the pump through a subsidy of Ksh 101.852 Billion, to date,” he said.
The fuel stabilization program has ensured that fuel prices remain the most affordable in the East and Central Africa Region, further cushioning Kenyans from the already high cost of living.
“As a caring Government, we will continue to roll out similar actions so as to provide further direct relief to all Kenyan families and establish the necessary safeguards for protecting Kenyan consumers from further increases in the cost of living,” added President Kenyatta.
Since February 2022, fuel prices have been steadily rising. The prices of super petrol, diesel, and kerosene were set at Ksh129.72, Ksh110.60, and Ksh103.54 in October 2021, respectively.
In March, the government raised the price of fuel per litre by Ksh5, making petrol Ksh134.72, diesel Ksh115.60, and kerosene Ksh103.54.
EPRA Director General Daniel Kiptoo revealed during the April fuel price review that the regulator had increased the maximum pump price of all fossil fuels by Ksh9.90.
In May, the government announced a Ksh5.50 per litre increase for all fuel products, claiming a subsidy of Ksh26 for super, Ksh30 for diesel, and Ksh50 for kerosene.
EPRA raised the prices of fuel products by Ksh9 per litre in the June price review, with super retailing at Ksh159.12, diesel at Ksh150.12, and kerosene at Ksh118.94. Fuel prices have risen by Ksh30 per litre on average in the last five months.
While the landing costs determine the fuel price, taxes on the products nearly double the retail price.
Excise duty, road maintenance levy, petroleum development levy, petroleum regulatory levy, railway development levy, anti-adulteration levy, merchant shipping levy, import declaration fee, and value-added tax are some of these levies (VAT).
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