Kenyans could start seeing a gradual drop in fuel prices in the coming months if the global oil market continues to stabilise, Energy Cabinet Secretary Opiyo Wandayi has said.
Speaking to the press on Friday, Wandayi said changes in global demand and improved supply chains were beginning to ease pressure in the international oil market after months of uncertainty.
“Changes in demand patterns and improved supply routines are gradually stabilising international markets,” the CS said.
Although he cautioned that the global market remains unpredictable, Wandayi expressed hope that the improved conditions would eventually translate into lower fuel costs for consumers.
“In the fullness of time, as global conditions stabilise, Kenyans can expect the benefits to be felt progressively through the system,” he added.
His remarks come at a time when many Kenyans are struggling with the high cost of fuel, which has pushed up transport fares and the prices of basic goods.
The recent fuel price increases announced by the Energy and Petroleum Regulatory Authority (EPRA) also triggered protests from matatu operators, truck drivers and other players in the transport sector.
Wandayi, however, assured the country that there is no fuel shortage despite the fluctuations in global oil prices.
He credited the government-to-government fuel importation arrangement for helping Kenya maintain a steady fuel supply while many countries continue to face supply challenges.
“It may look like a miracle that in Kenya the debate has been about price and not availability,” Wandayi said.
According to the CS, the arrangement has allowed Kenya to source fuel from different regions, including Europe, India, the United States Gulf Coast and the Red Sea region.
In addition to this, he noted that the system has contributed to keeping freight and premium prices stable, lessening the impact on fuel landing prices.
According to Wandayi, the government has been looking into making some long-term plans for building oil refineries regionally in order to ensure energy security and reduce reliance on refined fuel imports.
The government believes that with time, stability in the international market would eventually help ease the burden on the citizens struggling with inflation.
