You will have to gouge deeper into your pocket to afford fuel as of today! This the message being passed to motorists as well as other Kenyans as fuel prices rise in the country days after President William Ruto stated that the subsidies hit had on the taxpayer.
A litre of petrol that cost ksh 159.12 will now be selling at ksh179.30, a litre of diesel will also sell at ksh 165 from the previous ksh 140. Kerosene that sold at ksh 127.94 has also risen to ksh 147.94. This sees an increase of ksh 20,25 and 20 respectively. This comes days after the current government stated that further subsidies on fuel will end up affecting the tax payer.
Ruto in his inaugration speech stated
,’If the subsidy continues to the end of the financial year, it will cost taxpayers Ksh.280 billion equivalent to the entire national government development budget. In addition to being very costly, consumption subsidy interventions are prone to abuse, distort markets and create uncertainty including artificial shortages of the very products they seek to subsidize,’
You will be quick to note that this is the highest increase in fuel prices since the development of the fuel subsidy programme last year. The program witnessed prospects get fuel at a cheaper price as the subsidies helped them partially.
A report by the Energy and Petroleum Regulatory Authority announced the fuel increase news on Wednesday night. William Ruto, the head of state, had announced plans to do away with the subsidies on fuel and food and it seems the plans are underway already.
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