- The Standard
Kenyans can now sigh with relief after the government confirmed that fuel prices would not spike after uproar over the increase in the cost of living.
While appearing before the Senate Committee of Energy on Friday, July 30, Mining and Petroleum Chief Administrative Secretary (CAS) John Musonik confirmed that the state would maintain the monthly price of fuel.
He noted that the state had set up a Petroleum Development Fund aimed at cushioning Kenyans when the price per barrel crosses $50 (Ksh5,486) mark.
So far, crude oil barrel averages at $63 dollars (roughly Ksh6,300).Mining and Petroleum Chief Administrative Secretary (CAS) John Musonik in his office.
"From April, we have been using the fund. For now, we are going to stabilise the prices as we look at all the other components in the pricing," stated Musonik according to Business Daily.
The fund has so far raised Ksh15 billion and saved Kenyans as much as Ksh14.59 on diesel and Ksh19.54 on Kerosene.
Since April, the cost of diesel maintained at Ksh107.66. The cost of kerosene also remained unchanged at Ksh97.85 in Nairobi.
The cost of petroleum, on the other hand, spiked between April and May rising by Ksh3.56 to Ksh 126.37 before increasing to Ksh127.14 in June where it has maintained ever since.
During price release on July 14, EPRA revealed that the cost of imported Super Petrol increased by 4.83% from $496.10 per cubic metre in May 2021 to $520.04 in June 2021.
Diesel on the other hand increased by 3.69% from $461.95 per cubic metre in May to $479.01 in June 2021. In the period, no Kerosene vessel was discharged at the port in Mombasa.
Kenyans lamented that the increase in Petrol prices affected households, businesses, as well as motorists despite the tough times, brought about by the Covid-19 pandemic.
Over 232 businesses filed for dissolution in the past month after the cost of doing business across the country became unmanageable.An Image of a Fuel pump at a Nairobi Petrol Station on July 14, 2021.File
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