× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

EPRA defends fuel prices hike

NEWS
By Fred Kibor | February 20th 2021

Energy and Petroleum Regulatory Authority (Epra) has defended its decision to increase fuel prices at a time many Kenyans are facing harsh economic times as a result of the prevailing Covid-19 pandemic.

The Central Organisation of Trade Unions (Cotu) had condemned the move, terming it “insensitive” to the suffering population because it would lead to increased cost of consumer products.

“Cotu views this move by the authority as an affront to workers and Kenyans as a whole, and demands for the Energy ministry’s immediate intervention in the matter to avoid any imminent confrontation that the government is likely to attract from workers and the rest of Kenyans,” Cotu Secretary-General Francis Atwoli said.

But Epra acting Director-General Daniel Bargoria said the increase was necessitated by the relaxation of the Covid-19 containment measures, as economies globally were restarted.

“The matter of pricing is emotive and concerning to many Kenyans because of the Covid-19 pandemic that has slammed the economy,” he said.

Competitive

“After benchmarking globally, the demand for crude oil has considerably risen leading to the high prices in its importation”.

Speaking on Friday in Eldoret after a consultative forum on the draft review of the legislative framework for petroleum activities, Mr Bargoria said the import prices of crude oil were "very competitive".

“Towards mid last year there was a collapse in the price for crude oil globally. But now the demand for crude oil and petroleum products globally is high, as a result of restart of world economies, making us procure it at competitive prices,” he said.

However, the director general said, there were consultations within the Ministry of Petroleum and the regulator on how to stabilise the prices going forward.

“Back in the 1980s, petroleum products were being sourced at relatively lower prices. We are finding a lasting solution to stabilise the prices to cushion the locals from fluctuation,” he said.

On the proposed mid and downstream petroleum regulations, the acting director general said they would ensure the rules do not have adverse socio-economic impact on the affected stakeholders.

 

Share this story
CBK gives Treasury Sh5 billion to ease cash crunch
CBK has transferred Sh5 billion to the National Treasury as an “exceptional” payment to the government.
Survey: Why 40 pc of workers want to quit their jobs
More than half of 18 to 25 year-olds in the workforce are considering quitting their job. And they are not the only ones.
.
RECOMMENDED NEWS
Feedback