President William Ruto says his administration is projecting a decline in fuel prices in the subsequent monthly reviews starting December 2023.
Ruto says currently, there is enough supply of fuel that meet the demand in the country and therefore, prices will start dropping.
The Head of State made the statement on Saturday, November 18, 2023, as he launched the construction of the Sagana -Kathaka-Thiguku road in Ndia, Kirinyaga County.
“Ingawa bei duniani kote inapanda, tunafuata vile inapanda na tumetafuta namna ili bei isipite mahali Wakenya wengi wataumia. Mmeona kuanzia mwezi huu hiyo bei imeanza kuteremka,” he said.
“Mwezi ujao itateremka zaidi, na mwezi huo mwingine hivyo hivyo…mpaka tuahakikishe tunaweza kuendesha uchumi wetu vile inafaa.”
Ruto noted that by the time he assumed office, there was insufficient fuel in a majority of petrol stations following a lack of dollar circulation in the market.
He said this prompted him to approach Saudi Arabia and the United Arab Emirates (UAE) over the fuel and dollar issue, and reassured that there will be plenty of supply in the country henceforth.
“Bei ya mafuta sasa tumeanza kuishughulikia. Bei ya mafuta imepanda kila mahali, lakini siku nilipoingia, mlikua mnaona magari yamejaa petrol stations kukiwa na uhaba wa mafuta,” he said.
“Niliongea na watu wa Saudi Arabia na UAE nikawaambia watupe mafuta tuuze na shilingi ya Kenya na baada ya miezi sita sisi tutawalipa. Hivyo ndio maana Kenya haikosi mafuta.”
He argued that his moves are already being imitated by our neighbouring nations.
“Sisi kama Kenya hatuna mafuta, tunanunua kwa watu wengine. Wale wenye kutuuzia ndio wanauza kwa bei yenye wanajua. Lakini tumekubaliana ya kuwa hiyo bei tutaipiga msasa. Kenya tunanunua kwa bei ya chini kuliko majirani zetu. Ule mkataba niliweka na watu wa Saudia, UAE saa hizi majirani zetu Uganda, Tanzania na Rwanda wanenda kutafuta vile nilifanya kwa sababu huyo mkataba ndio unatusaidia, hatuna matatizo na mafuta tunayo ya kutosha,” he said.
Fuel prices dropped for the first time in the current full financial year that started in July 2023.
In the latest review by the Energy and Petroleum Regulatory Authority (EPRA) prices of diesel and kerosene dropped by Ksh2 per litre.