ADVERTISEMENT

See Kenya’s plan to reduce the high cost of fuel in the country after it removed subsidy a few months back

Moses Kuria
  • The Kenyan government is looking to reduce fuel cost.
  • This is coming months after President William Ruto ordered the removal of fuel subsidies in Kenya.
  • The country’s petroleum ministry is planning on using the Office of Tax Simplification (OTS) framework to cut down the cost of energy. 

Kenya, like a number of Sub-Saharan African countries in 2022, has been dealing with a steadily increasing cost of living. This of course comes with an increased cost for energy.

ADVERTISEMENT

In September, reports showed that Kenya’s fuel price reached an all time high, as the president of the country, William Ruto ordered the removal of fuel subsidies.

The president noted that the addition of fuel subsidies had a counterproductive effect on the economy at large. Read the story here.

The Energy and Petroleum Regulatory Authority (EPRA) currently set the retail price of a liter of petrol at Sh177.30 in Nairobi, Diesel Sh162 and kerosene at Sh145.94. These prices are a Shilling less than the prices set in October. Also the prices would remain as is till the 14th of December, 2022.

Following the inaugural National Petroleum Conference at the Safari park hotel, which had the Ministry of Investment, Trade and Industry's Cabinet Secretary Moses Kuria, and stakeholders in the petroleum industry, in attendance, it was revealed that the government has started taking steps in cutting down the country’s outrageous fuel price.

Moses Kuria emphasized the importance of the petroleum industry in Kenya and disclosed that the ministry will use the Office of Tax Simplification (OTS) framework to help bring down the cost.

The OTS framework was created to present advice to the Chancellor on the simplification of the tax system, either at the Chancellor’s request or of its own accord.

“We are collaborating with other business partners to transition into the era of fuel cost reductions within the updated OTS framework,” Kuria said.

Kuria also noted that the ministry promotes investments in the upstream sector which involves the process of exploration, development and production of crude oil and natural gas.

He stated; “I challenge stakeholders in the petroleum industry to make the upstream value chain as active as it is downstream.”

JOIN OUR PULSE COMMUNITY!

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Ghana has seen some progress with its Domestic Debt Exchange program after a month

Ghana has seen some progress with its Domestic Debt Exchange program after a month

CBK announces Equity Bank's acquisition of Spire Bank

CBK announces Equity Bank's acquisition of Spire Bank

The Central Bank of Nigeria has extended its deadline to phase out its old currencies

The Central Bank of Nigeria has extended its deadline to phase out its old currencies

Tanzania joins the list of African countries to sign an oil deal in the new year

Tanzania joins the list of African countries to sign an oil deal in the new year

Top 10 African countries with the highest GDP projections for 2023

Top 10 African countries with the highest GDP projections for 2023

Top 5 economies in Sub-Saharan Africa to watch out for in 2023, according to IMF

Top 5 economies in Sub-Saharan Africa to watch out for in 2023, according to IMF

Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

Libya is set to extend its gas supply chain with the Italian company, Eni

Libya is set to extend its gas supply chain with the Italian company, Eni

Oil-producing Algeria could become Africa’s greenest country with its eco-friendly initiatives

Oil-producing Algeria could become Africa’s greenest country with its eco-friendly initiatives

ADVERTISEMENT