“N720 per Litre”: Kenya President Makes U-Turn, Resumes Fuel Subsidy, NNPC Breaks Silence on New Petrol Price

Aug 16, 2023 | Entertainment, News

  • Kenya’s President William Ruto has made a U-turn by deciding to reinstate the fuel subsidy in response to the hardships faced by citizens
  • Just three months ago, Kenya removed the fuel subsidy as part of its commitment to conditions set by the International Monetary Fund for a new loan
  • Nigerians might be praying President Bola Tinubu takes similar action in Nigeria amid talks of fuel prices rising above N700 per litre

Kenya’s government has decided to reinstate fuel subsidy payments in a major U-turn after prices of the commodity increased significantly.

The decision comes barely three months after Kenya stopped subsidy payments to smoothen discussions with the International Monetary Fund for new loans.

Kenya remove fuel subsidy
Kenyan President William Ruto and President Bola Ahmed Tinubu
Photo credit: State House of Kenya
Source: Getty Images

However, with prices of goods skyrocketing in the country, Kenya’s President, William Ruto decided that it was time to act, BusinessDaily Kenya reports.

A message from Kenya’s regulator, the Energy and Petroleum Regulatory Authority (Epra), to citizens reads:

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“In order to cushion consumers from the spike in pump prices as a consequence of the increased landed costs, the government has opted to stabilise pump prices for the August-September pricing cycle.

Epra assured oil marketing firms that the government would stand ready to reimburse industry players for the difference in pricing between the cheaper stock introduced and what they would be retailing.

Nigeria’s new fuel price

The situation is different for Nigerians bracing themselves for new fuel prices above N700.

Legit.ng had earlier reported that oil marketers indicated that the cost of petrol would rise to between N680/litre and N720/litre in the coming weeks

If implemented, the new round of increases will be the third within 10 weeks since the announcement of the removal of the petrol subsidy.

Although the Nigeria National Petroleum Company Limited (NNPC) has maintained it has no intentions of increasing the pump price of petrol, the amelioration of the situation largely depends on the next decision of President Bola Ahmed Tinubu.

NNPC said:

“Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated. Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide.”

Good, bad news for Nigeria as global crude oil prices rise to highest level in 2023

Meanwhile, in another report, Legit.ng revealed Nigerians would have to prepare for another price increase in the coming days if the situation of the naira doesn’t improve and global crude prices continue to rise.

However, the message from the Independent Petroleum Marketers Association of Nigeria (IPMAN) to Nigerians is not to panic.

The President of IPMAN spoke to Legit.ng, detailing what Nigerians should expect, as many fear that a litre of petrol could hit N1000.

Source: Legit.ng

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