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Kenya increases fuel subsidy by $141 million to stem rising inflation

KENYAN President Uhuru Kenyatta on Thursday increased the country’s fuel subsidy funding by $141 million to stem rising inflation, his office said.

The Presidency noted in a statement issued in the Kenyan capital, Nairobi, that the additional funding keeps fuel prices in the East African nation unchanged for the next one month.

‘It is notified that the president has today authorized an additional fuel subsidy of $141 million to cushion Kenyans from a further increase in prices,’ the statement said.

The cost of a litre of diesel will thus remain at $1.18, petrol at $1.35, and kerosene at $1.07.

The president said the high fuel prices pose a significant challenge to the country’s households and collectively the economy. Inflation stands at a five-year high of 7.9 percent, according to the Kenya National Bureau of Statistics.

The subsidy has ensured the country’s fuel prices remain the most affordable in the east and central Africa region, according to the government.

 

 

Source
Xinhua

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