Kenyans should brace themselves for a prolonged period of escalating fuel prices, with the Ministry of Investment, Trade, and Industries Cabinet Secretary Moses Kuria forewarning this impending financial strain. Kuria’s announcement, made on a Friday, sheds light on the consistent surge in fuel costs that will persist for the next five months, a consequence primarily attributed to the soaring Global Crude Prices.
In his statement, Kuria provided a clear directive for individuals and businesses alike, emphasizing the need for prudent financial planning. He articulated that, “For planning purposes, expect pump prices to go up by Ksh 10 every month until February.” This declaration comes in the midst of mounting frustration among Kenyan residents following the government’s recent disclosure of substantially elevated fuel prices.
The grim reality is that fuel prices have breached the unprecedented Ksh 200 threshold, marking a historic milestone in Kenya’s economic landscape. The rate at which these prices are surging is nothing short of alarming, with some witnessing an astonishing increment of Ksh 20 for every liter. Strikingly, these prices have persisted without change over the past two months.
The driving force behind this relentless surge in fuel prices lies in the government’s decision to eliminate fuel subsidies. Instead, they have opted for a laissez-faire approach, allowing market forces to dictate the cost of fuel within the nation. The repercussions of this shift are now palpable, with Kenyan consumers grappling with the consequences of a market-driven fuel pricing system.
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