Ruto defends decision to end fuel subsidy
Kenyan President William Ruto has defended his government’s decision to end a multibillion-shilling subsidy on electricity, which had resulted in a 15 percent discount for homes and businesses.
The subsidy, initiated by President Ruto’s predecessor, Uhuru Kenyatta, expired on December 31 and will not be extended. The move has led to a 15 percent increase in the cost of electricity for consumers and has added to the pressure on sky-high inflation in the country.
In a round table interview with the media, President Ruto explained that the cost of electricity is determined by various factors, including tariffs that are reviewed every three years.
“The participation of the tariff was last done in 2019, and will be back in March 2023,” he said.
He added, “When the time comes, we will seat down as a government and have a discussion.”
The President also pointed out that the subsidies introduced by the previous government were politically motivated, rather than based on economic considerations.
“The subsidy introduced was a political decision, not an economical one,” he said. He added that the electricity subsidy, which cost up to KES 3 billion per month, was not a long-term solution to the cost of living in Kenya.
The Energy and Petroleum Regulatory Authority (Epra) has blamed the end of the subsidy on the wobbly Kenyan shilling and the heavy reliance on diesel-powered generators to produce electricity, due to low water levels in the country’s hydroelectric dams.
These factors have led to an increase in the fuel surcharge and foreign exchange adjustment costs on electricity bills.
Starting this Sunday,January 1, homes and businesses will see a 15% increase in the cost of electricity.
As a result of the increase in electricity costs, consumers using 50 units per month will pay approximately KES 140 more, while those using 200 kWh will need an additional KES 740 for their January power bills.
The higher cost of electricity is likely to lead to an increase in prices for goods and services as producers factor in the higher energy costs
The end of the subsidy will have a knock-on effect on the economy, as producers of goods and services factor in the higher cost of energy.
This comes as consumers are already grappling with historic high prices for fuel and food due to a severe drought, which has pushed inflation to a five-year high.
In response, the Central Bank of Kenya’s Monetary Policy Committee has raised benchmark interest rates to curb consumer spending.
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