In October’s review undertaken by the Energy and Petroleum Regulatory Authority (EPRA) saw an increase in fuel prices in Kenya
A litre of petrol cost KSh 217.36 in Nairobi, up from KSh 211.64 in the past month’s reviews; diesel cost KSh 205.47, up from KSh 200.99, while Kerosene prices rose from KSh 205.06, up from KSh 202.61
Energy Cabinet Secretary noted that the ongoing conflict between Israel and Hamas would see the spike in prices at the pump
Nairobi, Kenya – Energy and Petroleum Cabinet Secretary (CS) Davis Chirchir has issued a warning regarding the potential impact of the Israel-Hamas conflict on petroleum prices.
Global oil prices
Chirchir expressed concerns that the ongoing conflict could lead to a significant rise in petroleum product prices. The CS was speaking at the National Dialogue committee at Bomas of Kenya.
The CS projected that if the conflict continues, the prices of petroleum products could surge to $150 per barrel (KSh 22,688).
“I read an article in the Financial Times the other day that because of the Hamas and Israeli War, the international prices could go up to USD150 and that would literally mean our products going to a high of Ksh300 at the pump,” Chirchir said.
Chirchir, speaking to the committee led by Kimani Ichung’wah and Kalonzo Musyoka, emphasised that the Ministry is making every possible effort to prevent additional price hikes that could potentially plunge Kenyans into an economic crisis.
The scrapping of fuel subsidies and the increase in Value Added Tax (VAT) on fuel from 8 percent to 16 percent have resulted in an unprecedented surge in fuel prices.
The Energy and Petroleum Regulatory Authority (EPRA) is expected to conduct a review of pump prices for the period of November to December 2023, and these projections will undoubtedly be a critical factor in their decision-making process.
Chirchir’s warning underscores the far-reaching consequences of global conflicts on the prices of essential commodities.
Obama on Israel-Hamas conflict
Former President Barack Obama weighed in on the ongoing Israel-Hamas conflict stating “Nobody’s hands are clean.”
According to New York Post, Obama said during an interview with Pod Save America.
In an excerpt, Obama said:
“If you want to solve the problem, then you have to take in the whole truth… And you then have to admit nobody’s hands are clean, that all of us are complicit to some degree.”
Hamas attacked Israel on October 7, in a deadly attack that left about 1,400 people dead. Over 200 others were taken hostage.
Israel Defence Forces responded with an ongoing bombardment of the Gaza Strip.