Sunday, September 14, 2025
  • Who’sWho Africa AWARDS
  • About Time Africa Magazine
  • Contact Us
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
No Result
View All Result
  • Home
  • WHO’SWHO AWARDS
  • News
  • Magazine
  • World News

Home » Featured » Fuel prices hit record high as Kenya’s new President Ruto remove money-guzzling subsidies

Fuel prices hit record high as Kenya’s new President Ruto remove money-guzzling subsidies

September 16, 2022
in Featured, Politics
0
540
SHARES
4.5k
VIEWS
Share on FacebookShare on Twitter

Nairobi, Kenya – Fuel prices have reached an all-time high in Kenya on Thursday after the new president, William Ruto, announced the end of subsidies arguing their high cost to the state, as part of a series of decisions taken by his predecessor, Uhuru Kenyatta.

Kenyan President William Ruto followed up on his pledge to remove fuel subsidy that has further depleted the state’s already strained coffers, a move that’s likely to be unpopular with some motorists in the East African nation.

Just a day after Ruto’s Sept. 13 swearing in, he directed the Kenya Energy & Petroleum Regulatory Authority to scrapped subsidy on gasoline, raising the cost by 13%.

The energy regulator said it had removed the subsidy for super petrol while retaining a smaller subsidy for diesel and kerosene.

ReadAlso

All aboard ‘The Debt Express’: China’s pincer movement on Africa

How jobseekers from Africa are being tricked into slavery in Asia’s cyberscam compounds

At the new prices, super petrol – mostly used by private motorists – will now cost about 179 shillings ($1.5) a litre, up from 1.3 dollars while diesel, which is used by transporters and industries will cost about 1.4 dollars in the capital, Nairobi.

Kerosene, which is mainly used by low-income households for cooking and lighting, will cost about 1.2 dollars a litre.

ADVERTISEMENT

President William Ruto has in his inaugural speech called fuel and food subsidies “costly and ineffective“.

Ruto said that Kenya was “in a deep economic hole” and repeated his pledge to lower the cost of living as a priority upon taking office.

Ruto faces the dual tasks of stabilizing government finances and bringing surging living costs under control. Kenya’s public debt ballooned to 8.6 trillion shillings ($71 billion) in June, from 1.9 trillion shillings in 2013 when the previous administration came to office, and the International Monetary Fund classifies the country as being at high risk of debt distress.

The elimination of the subsidy on gasoline is a welcome move as it “recognizes the very limited fiscal space that Kenya has,” IMF country representative Tobias Rasmussen said in a text message.

Inflation may meanwhile be on track to hit double digits in the fourth quarter due to global price pressures, according to analysts including Razia Khan, Standard Chartered Bank’s London-based head of research for Africa and the Middle East.

The government had expected to spend 280 billion shillings on fuel subsidies through the end of the fiscal year in June, equivalent to what it budgeted for development, Ruto said in his inauguration speech.

“We expect the president to make a few unpopular policy decisions, as much as we also expect the opposite as he attempts to keep up the promise to reduce the cost of living,” said Renaldo D’Souza, head of research at Nairobi-based Sterling Capital Ltd. “It was clear from the onset that the fuel subsidy was unsustainable in the long run.”

A separate subsidy on corn, used to make a staple known as ugali, cost as much as 7 billion shillings in just one month, according to Ruto. Rather than targeting assistance at consumers, the new administration will seek to try and reduce food production costs and increase output by subsidizing inputs such as fertilizer and quality seeds, he said.

As a first step, 1.4 million bags of fertilizer will be offered to farmers for 3,500 shillings each from next week, 3,000 shillings less than the current cost.

“The action on fertilizer prices and helping to boost production is sound, but cannot on its own alter very near-term developments,” Khan said.

The East African political and economic powerhouse is reeling from a once-in-a-generation drought and inflation is at five-year highs. In June, the World Bank projected Kenya’s (GDP) would grow by 5.5 percent in 2022, a moderation following last’s year recovery when the country’s economy grew by 7.5 percent.

Tags: KenyaPresident William Ruto
ADVERTISEMENT
Previous Post

Queen’s lying-in-state: China blocked from Westminster Hall

Next Post

I received several death threats over NIN-SIM linkage – Pantami

You MayAlso Like

Freight trains at Nairobi station Credit: Ben Marlow
Column

All aboard ‘The Debt Express’: China’s pincer movement on Africa

September 13, 2025
Politics

Ivory Coast’s ‘iron lady’ – from hiding in a bunker to presidential hopeful

September 13, 2025
‘We were treated like animals,’ says Al-Husseina Amadou said. ‘Now we are free.’ Some estimates put the number of enslaved people in Niger at 130,000. Photograph: Fred Harter
Featured

‘TRIANGLE OF SHAME’: Niger Where Girls Are Still Bought Cheaply As ‘Wahaya’

September 13, 2025
Duncan Okindo in Nairobi. The 26-year-old was tricked into going to Thailand then enslaved in Myanmar. He is now suing the agency that recruited him. Photograph: Carlos Mureithi/Guardian
Featured

How jobseekers from Africa are being tricked into slavery in Asia’s cyberscam compounds

September 13, 2025
An EV charging station in Addis Ababa. Owners of EVs say they save time avoiding the long queues at petrol stations. Photograph: Fred Harter
Featured

Ethiopia is becoming an unlikely leader in the electric vehicle revolution

September 13, 2025
Column

The African countries demanding reparations are astonishingly hypocritical

September 10, 2025
Next Post

I received several death threats over NIN-SIM linkage - Pantami

Full transcripts of Mr Peter Obi's CNN Interview with Zane Asher

Discussion about this post

How the Church’s Inaction Emboldened a Priest-Lawyer to Take Over Tansian University

“Go to Hell With the Bishop”: Catholic Priest Sparks Outrage After Disrupting Mass in Aba

Air Peace Pilots Test Positive for Alcohol, Cannabis After Port Harcourt Runway Overshoot

Gov Mbah Ignites Green Energy Revolution with Enugu Stove

‘We Got Him’: FBI Confirms Tyler Robinson, Suspect in Charlie Kirk Killing, Has Been Caught

“Commercializing the Eucharist Must Never Be Tolerated”: Vatican Envoy Warns Nigerian Priests

  • British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

    1241 shares
    Share 496 Tweet 310
  • Maids trafficked and sold to wealthy Saudis on black market

    1066 shares
    Share 426 Tweet 267
  • Flight Attendant Sees Late Husband On Plane

    972 shares
    Share 389 Tweet 243
  • ‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

    904 shares
    Share 361 Tweet 226
  • Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

    735 shares
    Share 294 Tweet 184
  • Trending
  • Comments
  • Latest

British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

April 13, 2023

Maids trafficked and sold to wealthy Saudis on black market

December 27, 2022
Flight Attendant Sees Late Husband On Plane

Flight Attendant Sees Late Husband On Plane

September 22, 2023
‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

March 21, 2023
Chief Mrs Ebelechukwu, wife of Willie Obiano, former governor of Anambra state

NIGERIA: No, wife of Biafran warlord, Bianca Ojukwu lied – Ebele Obiano:

0

SOUTH AFRICA: TO LEAVE OR NOT TO LEAVE?

0
kelechi iheanacho

TOP SCORER: IHEANACHA

0
Goodluck Ebele Jonathan

WHAT CAN’TBE TAKEN AWAY FROM JONATHAN

0
Freight trains at Nairobi station Credit: Ben Marlow

All aboard ‘The Debt Express’: China’s pincer movement on Africa

September 13, 2025

$10 million contraceptive bound for Africa destroyed

September 13, 2025

‘African tribe’ ordered to leave Scottish forest

September 13, 2025

Congo: 107 Dead, 146 Missing in Tragic Riverboat Fire

September 13, 2025

ABOUT US

Time Africa Magazine

TIME AFRICA MAGAZINE is an African Magazine with a culture of excellence; a magazine without peer. Nearly a third of its readers hold advanced degrees and include novelists, … READ MORE >>

SECTIONS

  • Aviation
  • Column
  • Crime
  • Europe
  • Featured
  • Gallery
  • Health
  • Interviews
  • Israel-Hamas
  • Lifestyle
  • Magazine
  • Middle-East
  • News
  • Politics
  • Press Release
  • Russia-Ukraine
  • Science
  • Special Report
  • Sports
  • TV/Radio
  • UAE
  • UK
  • US
  • World News

Useful Links

  • AllAfrica
  • Channel Africa
  • El Khabar
  • The Guardian
  • Cairo Live
  • Le Republicain
  • Magazine: 9771144975608
  • Subscribe to TIME AFRICA biweekly news magazine

    Enjoy handpicked stories from around African continent,
    delivered anywhere in the world

    Subscribe

    • About Time Africa Magazine
    • Privacy Policy
    • Contact Us
    • WHO’SWHO AWARDS

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    No Result
    View All Result
    • WHO’SWHO AWARDS
    • Politics
    • Column
    • Interviews
    • Gallery
    • Lifestyle
    • Special Report
    • Sports
    • TV/Radio
    • Aviation
    • Health
    • Science
    • World News

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.