I am not responsible for falling pump prices, oil markets are: Ruto » Capital News

NAIROBI, KENYA, Dec 16President William Ruto has announced the anticipated easing of pump prices in the county in January as global oil prices fall.

President Ruto stated Saturday that he is not responsible for the falling of fuel prices, saying that the fluctuations in oil prices are the result of decisions by oil producers across the globe.

He was speaking during a thanksgiving Mass at Cardinal Otunga Mosocho High School in Kisii County.

“Do not clap for me. I have done nothing whatsoever for the fuel prices to drop. I am not in any way responsible for the drop and increase of oil prices, there are other parties including oil producers who took the decision to reduce the prices,” Ruto said.

“What I can tell you right now is that those who produce this oil have decided to drop the prices.”

He called on those asking him to adjust fuel prices further down to desist from pressuring him saying he has no power to do so.

The President said that he will do his best to execute his mandate including reducing the cost of living, creating job opportunities and improving the living standards of Kenyans.

Ruto said that majority of Kenya’s problems stem from deceptive leaders who have continued to mislead Kenyans instead of delivering services to them.

“The biggest challenge we are facing today in the country is poor leadership. There are no miracles, but the only way to serve Kenyans is through hard work,” he said.

Advertisement. Scroll to continue reading.

Sh5 drop in petrol prices

On December 14, the Energy and Petroleum Regulatory Authority (EPRA) revised pump prices downwards with Super Petrol, Diesel and Kerosene decreasing by Sh 5.00 per litre, Sh 2.00 per litre and Sh 4.01 per litre respectively.

A litre of petrol, diesel, and kerosene is now retailing at Sh212.36, Sh201.47, and Sh199.05 in Nairobi.

EPRA said it calculated the new retail prices of petroleum products which will be in force from December 15, 2023 to January 14, 2024 in accordance with Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022, according to EPRA.

EPRA said the prices are inclusive of the 16 per cent 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 Legal Notice No. 194 of 2020.

“The average landed cost of imported Super Petrol decreased by 16.11 per cent from US$827.75 per cubic metre in October 2023 to US$694.44 per cubic metre in November 2023; Diesel decreased by 5.43 per cent from US$873.42 per cubic metre to US$826.01 per cubic metre while Kerosene decreased by 6.63 per cent from US$813.90 per cubic metre to US$759.93 per cubic metre,” EPRA said on December 14.

The energy regulator explained that the country imports all its petroleum product requirements in refined form. It noted that a pricing benchmark provided by S&P Global Platts provides a basis for the prices.

To further cushion the economy, EPRA explained it cross-subsidized diesel with Super Petrol adding that the government had opted to stabilize the resultant diesel price.

“Government through the National Treasury has identified resources within the current resource envelope to compensate Oil Marketing Companies,” EPRA said.

Advertisement. Scroll to continue reading.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *