Fuel Will Drop Despite Ruto Ending Subsidy
Central Bank of Kenya (CBK) Governor Dr Patrick Njoroge projected that fuel prices will drop by December despite President William Ruto ending the subsidy.
Speaking on Monday, September 19, during the Members of Parliament (MPs) induction, Njoroge explained that while the cost of fuel in the international market had hit a record high the cost had begun dropping.
He attributed this drop to the resumption of relative normalcy in the countries that produce oil.
“It had gone as far as Ksh15,662 (USD130) per barrel in March and has come down to Ksh11,204 93 (USD93) dollars per barrel. The expectation is that this will come down even more to the point that we will not have to have the subsidies.
“It is true that we eliminated the subsidies on the super petrol but on all the other products. We have the prices coming down and therefore the gap is narrowing, so the pressure on the consumer and govt becomes less and less,” Njoroge stated
