The Ministry of Energy and Petroleum has indicated that fuel prices may gradually decrease in the coming months, pointing to early signs of stabilization in the global oil market.
Speaking to reporters on Friday, May 29, Energy and Petroleum Cabinet Secretary Opiyo Wandayi noted that while global oil prices have increased recently, there are indications that international market pressures could soon alleviate.
“Shifts in demand patterns and enhanced supply mechanisms are slowly stabilizing global markets,” Wandayi informed Kenyan citizens.
Although acknowledging the unpredictable nature of the global situation, he expressed confidence that Kenyans would progressively experience the advantages as international market conditions continue to improve.
“Over time, as global conditions settle, Kenyans can anticipate the benefits being gradually passed through the system,” he added.
His comments follow announcements by the Energy and Petroleum Regulatory Authority (EPRA) that sparked protests from transport operators.
He additionally reassured Kenyans that the nation’s fuel supply remains secure, available, and consistent despite recent volatility in international oil prices.
The Cabinet Secretary emphasized that Kenya is not experiencing any fuel deficit, attributing the steady supply to the government-to-government fuel importation arrangement, which he claimed has protected the country from supply disruptions.
“It might seem surprising that in Kenya the discussion has centered on price rather than availability,” Wandayi remarked, highlighting that numerous nations have faced fuel shortages due to global market instability.
According to him, the G-to-G approach has allowed Kenya to diversify its fuel procurement channels, with shipments now arriving from various international sources, including Europe, the U.S Gulf Coast, India and the Red Sea area.
He further disclosed that the framework has helped maintain relatively consistent freight and premium charges, which are vital components of fuel landing costs.
Under this arrangement, freight and premium costs are currently set at Ksh10,100.22 per tonne for diesel, Ksh10,877.16 for petrol, and Ksh12,562.47 for kerosene.
Wandayi also mentioned measures to improve energy security and decrease reliance on imported refined petroleum products.