Kenya Witnesses Record High Fuel Prices
On Friday, September 15th, Kenya experienced an unprecedented surge in fuel prices as the energy regulator revised pump rates, exacerbating the economic challenges faced by millions.
The Energy and Petroleum Regulatory Authority’s announcement propelled the retail cost of one liter of petrol to over 200 Kenyan shillings ($1.36), reaching an all-time high.
The Kenyan population is already grappling with a severe cost-of-living crisis characterized by escalating prices of essential commodities, the imposition of new taxes, and a weakening national currency.
Throughout this year, a series of opposition protests against President William Ruto’s government and its economic policies have taken place, some escalating into violent clashes.
Under the newly instituted pricing structure effective until October 14th, a liter of petrol in the capital city, Nairobi, has surged by nearly 17 shillings, reaching 211.64 shillings ($1.44), while diesel now costs 200.99 shillings.
In response to these price hikes, fares for matatus, the widely used minibuses for transportation in Kenya, are also set to increase by 20 percent nationwide, as reported by the Matatu Owners Association.
Government officials have partially attributed these soaring prices to the recent reduction in oil production by major producers Saudi Arabia and Russia, which has driven global crude prices to their highest levels in ten months.
Energy Minister Davis Chirchir, while speaking to the parliamentary energy committee, acknowledged the gravity of the situation, stating, “There’s not much we can do… certainly, the burden is substantial, and it won’t be easy.”
Earlier this year, Kenya witnessed a series of anti-government protests.