He said many aspects of the economy are looking better including the Kenya shilling, which is now gaining against the United States Dollar.
“I told you to give me a little chance to improve this economy. It had gone to the trench. Now I’ve removed it from the trenches. The dollar, you can see that it’s starting to get better and today it will be announced that fuel matters have started to straighten up because we want to ensure that Kenya moves forward without the risk of debt issues. We must be careful as a nation.”
The President’s remarks come ahead of the Energy and Petroleum Regulatory Authority (EPRA) scheduled announcement of fuel prices for the next month.
In the latest pump price review, Fuel prices went down by KES 1.00. Super Petrol, Diesel and Kerosene has been retailing at KES 206.36, KES 195.47, KES 193.23 respectively in Nairobi since then.
Director General Daniel Kiptoo stated that “prices are inclusive of the 16 percent Value Added Tax (VAT) in line with the provisions of the Finance Act 2023, the Tax Laws (Amendment) Act 2020 and the revised rates for excise duty adjusted for inflation as per the Legal Notice No. 194 of 2020.”
“The price of diesel has been cross subsidized with that of Super Petrol while Kerosene has been fully subsidized,” he stated. He pointed out that Oil Marketing Companies (OMCs) will be compensated for the under recovery of costs from the Petroleum Development Levy (PDL) fund.
