Categories: News

FUEL PRICES SET TO DROP BY DECEMBER AS PROJECTED BY CBK GOVERNOR DR PATRICK NJOROGE

Central Bank of Kenya Governor Dr Patrick Njoroge projects that fuel prices will drop by December despite President William Ruto ending the subsidy.

Speaking on Monday, during the Members of Parliament induction, Njoroge explained that while the cost of fuel in the international market had hit a record high in previous months, the cost had begun dropping.

“As you can see it had gone as far as $130 a barrel, that was in March and now it has come down to $93 a barrel,” Njoroge said.

“The expectation is that this will come even more to the point where we wouldn’t have to have the subsidies.”

He attributed this drop to the resumption of relative normalcy in the countries that produce oil.

He adds that while the regulator will execute its mandate by trying to regulate inflation, a more permanent solution will be realised when the cost of fuel drops.

The Governor agreed with President William Ruto that subsidies were detrimental to the economy, and may also affect inflation in the country.

“It is true we eliminated the fuel subsidies on the Super, Diesel…. We have the price coming down and thus the gap is widening so the pressure on the consumer and the government becomes less and less. That is the expectation but let’s wait and see,” he noted.

via WordPress https://bit.ly/3S6JjBR

AddThis Website Tools
Media Team

We are Dapstrem Media Team

Recent Posts

BEST OF CLUB BANGERS 2025 | DJ OCHEEZY ft MC TOGZIK AT VERSUZ LIVE MIXBEST OF CLUB BANGERS 2025 | DJ OCHEEZY ft MC TOGZIK AT VERSUZ LIVE MIX

BEST OF CLUB BANGERS 2025 | DJ OCHEEZY ft MC TOGZIK AT VERSUZ LIVE MIX

DJ Ocheezy Teams up with MC Togzik at Versuz Lounge

2 months ago
Lamborghini’s $5K Luxury Baby StrollerLamborghini’s $5K Luxury Baby Stroller

Lamborghini’s $5K Luxury Baby Stroller

Lamborghini has partnered with British luxury nursery brand Silver Cross to create the Reef AL…

2 months ago
Bien Barasa Wins Best EA ArtistBien Barasa Wins Best EA Artist

Bien Barasa Wins Best EA Artist

Kenyan artist Bien Barasa has been named the Best Artist in Eastern Africa at the…

3 months ago

Coffee vs. Tea: Which One Wins?

Coffee and tea lovers have debated for centuries—which drink is superior? Coffee delivers an instant…

3 months ago

NACADA Cracks Down on Illegal Shisha Trade

NACADA has intensified its crackdown on illegal shisha trade, leading to the arrest of two…

3 months ago

Burna Boy Kenya Concert: Rules & Lineup

"Burna Boy is set to headline a thrilling concert at Uhuru Gardens, Nairobi, on March…

3 months ago