Former Prime Minister Raila Odinga has demanded that the government reduce fuel prices by Ksh50 following the drop in global oil prices.
Speaking during an ODM recruitment drive in Kajiado County on Saturday, Raila explained that the global oil prices have dropped to an all-time low hence his push for a landmark reduction.
He noted that the current pump prices set by the Energy and Petroleum Regulatory Authority (EPRA) were too high for Kenyans and had made the cost of living shoot up.
Raila added that a Ksh5 to Ksh10 reduction would not be sufficient owing to the current oil market dynamics.
EPRA Director General Daniel Kiptoo speaking at a conference in Nairobi in 2022.
“We have information that global prices have gone down. This month the fuel prices must go down by Ksh45 to Ksh50 per litre,” he stated.
Currently, a litre of Super Petrol and Diesel are retailing at Ksh217.36, and Ksh203.47 respectively. With Raila’s suggestion, the December pump prices should be Ksh167.36 for Super Petrol and Ksh153. 47 for Diesel.
On the other hand, Kerosene, which currently retails at Ksh203.06 should be set at Ksh153.06 per litre.
Earlier, the Central Bank of Kenya (CBK) confirmed a drop in global oil prices.
According to CBK, the drop in fuel prices had been occasioned by the drop in demand for oil in the US 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,” read a statement issued by CBK in part.
Meanwhile, EPRA is expected to announce the December fuel prices on Thursday, December 14.
It is anticipated that there could be a reduction in prices owing to the drop in the international market. However, with the dollar gaining more dominance against the shilling and the 16 per cent VAT, the drop may not be as projected by Raila.
An aerial photo showing motorists lining up for fuel at a fuel Station in Kileleshwa on Saturday, April 2, 2022.