In September, reports showed that Kenya’s fuel price reached an all time high, as the president of the country, William Ruto ordered the removal of fuel subsidies.
The president noted that the addition of fuel subsidies had a counterproductive effect on the economy at large. Read the story here.
The Energy and Petroleum Regulatory Authority (EPRA) currently set the retail price of a liter of petrol at Sh177.30 in Nairobi, Diesel Sh162 and kerosene at Sh145.94. These prices are a Shilling less than the prices set in October. Also the prices would remain as is till the 14th of December, 2022.
Following the inaugural National Petroleum Conference at the Safari park hotel, which had the Ministry of Investment, Trade and Industry’s Cabinet Secretary Moses Kuria, and stakeholders in the petroleum industry, in attendance, it was revealed that the government has started taking steps in cutting down the country’s outrageous fuel price.
Moses Kuria emphasized the importance of the petroleum industry in Kenya and disclosed that the ministry will use the Office of Tax Simplification (OTS) framework to help bring down the cost.
The OTS framework was created to present advice to the Chancellor on the simplification of the tax system, either at the Chancellor’s request or of its own accord.
“We are collaborating with other business partners to transition into the era of fuel cost reductions within the updated OTS framework,” Kuria said.
Kuria also noted that the ministry promotes investments in the upstream sector which involves the process of exploration, development and production of crude oil and natural gas.
He stated; “I challenge stakeholders in the petroleum industry to make the upstream value chain as active as it is downstream.”