Opposition leader Raila Odinga has continued to mount pressure on the Energy and Petroleum Regulatory Authority (EPRA) over the reduction of fuel prices.
While speaking during an ODM recruitment drive in Kajiado County on Saturday, December 9, the Azimio leader demanded that the authority reduces the cost of fuel per litre by Ksh 45 0r Ksh50.
Giving reason for the demands, Odinga stated that the drop in global oil prices ought to significantly affect fuel prices in the country as well.
“We are aware that fuel prices have dropped internationally. And we are expecting the reduction this month to be by at least Ksh45 for a litre or even Ksh50 not Ksh5.
“We have information that global prices have gone down. This month the fuel prices must go down by Ksh45 to Ksh50 per litre,” stated the opposition leader.
According to Odinga, Kenyans were already grappling with the high cost of living and must not continue suffering when the global prices of the commodity had already reached a record low.
“Even if EPRA reduces the fuel prices by Sh5 or Sh10, it will not be sufficient for the common Kenyan as the current oil market prices say otherwise,” added Raila.
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EPRA and CBK on Reduction of Fuel Prices
Earlier, EPRA’s Director General Daniel Kiptoo stated that despite the average landed cost of imported super petrol having increased by 2.81 per cent per cubic metre in October, diesel by 3.28 per cent and kerosene by 6.31 per cent, consumers will not bear the burden.
Further, he noted that the government had made the decision to stabilize fuel prices for the month of November and December.
“In order to cushion consumers from the spike in pump prices as a consequence of the landed costs, the government has opted to stabilize pump prices for the November-December 2023 pricing cycle.
“The National Treasury has identified resources within the current resource envelope to compensate oil marketing companies,” he stated.
Also Read: Kenyans Furious as Tanzania Reduces Fuel Prices
Also, the Central Bank of Kenya confirmed the drop in global fuel prices, attributing it to the drop in demand for oil in the United States of America and China.
“Murban oil price declined to USD 75.18 (Ksh11,641) per barrel on December 7 from USD 85.51 (13,240) per barrel on November 30,” noted CBK.
At the moment, crude oil is trading at a low of $69 per barrel.
Fuel Prices in Kenya
As per the last review, one litre of Super Petrol and Diesel are retailing at Ksh217.36, and Ksh203.47 respectively.
EPRA is expected to further revise fuel prices in December 14.
