Tighten your belts folks as CBK reveals RUTO’s nefarious plans to increase fuel prices next month – Look!

Tuesday, February 27, 2024 – Kenyans will be forced to dig deeper into their pockets to afford fuel.

This follows President William Ruto’s Government's bid to increase fuel prices in the upcoming review by the Energy and Petroleum Regulatory Authority (EPRA).

This is due to an increase in global fuel prices as announced by the Central Bank of Kenya (CBK) in its weekly review.

According to CBK, the prices went up in the week ending February 22, a week after the monthly fuel review. The monetary policy regulator attributed the increase to disruptions occasioned by attacks in the Red Sea.

"Murban oil price increased to USD 82.76 per barrel on February 22 compared to USD 80.79 per barrel on February 15," CBK revealed in its bulletin.

Notably, international fuel prices have been fluctuating, affecting the cost of the commodity locally, regionally, and internationally.

Between November and December 2023, a significant increase in global oil prices was recorded at USD 93.92 and USD 91 respectively.

In 2023, Kenyans questioned why the decrease in global fuel prices in months like May and July did not reflect in the local prices when petrol retailed at Ksh182.70 and Ksh194.68 respectively.

At the time, the Institute of Economic Affairs (IEA) explained that Kenya imports refined oil and not crude oil which is among the reasons why global factors don't affect the Kenyan market.

Another factor is the taxes in the country. Recently the Ministry of Energy increased the Petroleum Regulatory Levy from Ksh 0.25 to Ksh0.75 per litre.

The expense is among nine other taxes and levies charged on fuel which affect pump prices. 

Currently, motorists in Nairobi pay Ksh206.36, Ksh195.47, and Ksh193.23 for petrol, diesel, and kerosene. This was after the regulator reduced fuel prices by Ksh1 for February.

The next review has been scheduled for March 14. 


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