Energy Cabinet Secretary Davis Chirchir's recent statements regarding the impact of the Israel-Hamas war on fuel prices have been called into question, as they seem to contradict the latest report from the Central Bank of Kenya (CBK).
CS Chirchir's statement on fuel price clashes with CBK report
Energy CS Davis Chirchir warned that pump prices could reach Sh300, but a CBK report published only 3 days before his claims, tells a different story
Addressing the National Dialogue Committee at Bomas of Kenya on Monday, November 6, CS Chirchir expressed concerns about the possibility of international crude prices soaring to $150 per barrel due to the ongoing conflict in the Middle East.
He warned that this could lead to a significant increase in fuel prices for Kenyan consumers.
"We can't do much on international pricing of petroleum. I read an article that international (crude) prices could go to $150 (per barrel) because of the Israel-Hamas war, which would literally mean our products going to a high of Sh300 per litre at the pump. We hope it doesn't get there," said the CS.
However, a recent check on the Central Bank of Kenya's Weekly Bulletin tells a different story.
The report published on November 3, just three days prior to CS Chirchir's statements, indicates a decline in fuel prices attributed to the dissipating impact of the Israel-Palestine conflict.
"International oil prices declined during the week ending November 2, due to the dissipating impact of the war between Israel and Palestine. Murban oil price declined to USD 87.24 per barrel on November 2 from USD 90.23 per barrel on October 26," the CBK report stated.
This contradiction has left many Kenyans puzzled and concerned, as they grapple with conflicting information.
The discrepancy between CS Chirchir's warnings of a potential price hike and the CBK's report of a decline in oil prices has raised questions about the accuracy and reliability of his statement.
Kenyans have taken to social media to express their displeasure with the apparent inconsistency between the Energy CS's remarks and the CBK's findings.
Soaring fuel prices take a toll on Kenyans
The already burdensome cost of fuel has left Kenyans grappling with the harsh realities of everyday life.
In Nairobi, motorists are paying Sh217.36 for petrol, Sh205.47 for diesel, and Sh204.46 for kerosene. The impact on Kenyan households has become increasingly evident, with ripple effects felt across various sectors of society.
The transportation sector, a lifeline for many who rely on buses, matatus, and motorcycles, has been significantly affected.
Commuters now face the daunting task of managing increased fares, putting additional strain on their limited financial resources.
The domino effect extends beyond transportation, as the rise in fuel prices reverberates through the economy.
Small businesses, which form the backbone of the Kenyan entrepreneurial spirit, are grappling with higher operating costs.
From farmers transporting produce to market vendors selling goods, the increased expenses are felt by all, threatening the livelihoods of those who are already on the margins.
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