The Energy and Petroleum Regulatory Authority (EPRA) has indicated that Kenyans should not expect an immediate reduction in fuel prices despite ongoing discussions between the government and public transport operators over the rising cost of fuel.
Speaking during an interview on Citizen TV on Wednesday night, EPRA Director of Petroleum and Gas Edward Kinyua defended the latest fuel review, saying the regulator had already made adjustments by lowering diesel prices earlier this week.
“We lowered two days ago,” Kinyua said, referring to the KSh10.06 reduction in diesel prices announced on Tuesday.
Following the latest review, diesel is now retailing at KSh232.86 per litre in Nairobi. However, kerosene prices rose sharply by KSh38.60, pushing the cost from KSh152.78 to KSh191.38 per litre.
Kinyua argued that the reduction in diesel is quite remarkable when one takes into account the current pressures in the international oil markets due to the tension between the U.S., Israel, and Iran.
“KSh10 is a lot. If you look at the cost of products at the international market before this crisis broke, a tonne of petrol was going for USD 686, but because of the crisis, it has climbed to USD 1,060. That is about 54 per cent,” he said.
These statements follow the public outcry over the rising cost of living and increase in the cost of transport throughout the country.
According to Kinyua, there is enough supply of fuel in the nation despite the recent shortages recorded in some parts of the country.
According to the information presented by EPRA, the stock for diesel in Kenya will last for 23 days while super petrol stock will last for 28 days.
“Yes, we have enough stock. For diesel, for example, we have 23 days of stock. We have 28 days’ stock for super petrol. That means about 225 million liters,” says Kinyua.
Kenya had faced a shortfall in the fuel supplies, causing long lines at petrol stations before the most recent fuel price review.
Kinyua blamed the situation to a certain extent on global supply chains facing difficulties due to the crisis in the Middle East, yet stated that the country was able to have sufficient fuel stocks imported.
He stated that Kenya had changed its fuel import plan duration from 45 days to 3 months to ensure security in case of any disruption due to geopolitical tensions.
“Because of the crisis, we decided to increase that planning period to three months,” he said.
Kinyua further disclosed that several ships carrying petroleum products are currently waiting to discharge cargo at the port, adding that storage systems are already nearing full capacity.
“In fact, as of today, we have had to hold back a ship from discharging because the system is full,” he said.
The government has been under pressure from matatu operators and consumers to intervene and cushion Kenyans from rising fuel and transport costs, which continue to affect household budgets and business operations across the country.