Due to the continuous conflict between Ukraine and Russia, the price of oil has been steadily climbing over the past few months. Russia is the primary supplier of oils used all over the world. As soon as he took the oath of office to become the 5th President of the Republic of Kenya, President Ruto immediately terminated the oil stipends that had been instituted by his predecessor, Uhuru Muigai Kenyatta.
President William Ruto stated that the oil subsidies were only beneficial to a select few individuals. In addition, he provided a defense for his decision to eliminate oil subsidies by asserting that Kenya owes a select group of oil firms billions of dollars for reportedly supplying cheap oil.
On the other hand, President Ruto and his team have developed a fresh strategy to ensure that all Kenyans have access to affordable oil. The Kenyan government has done away with the excise duty levies that were placed on oil products.
As a direct consequence of this, it is anticipated that the prices of oil and gas would continue their downward trend now that the pressure of making tax payments has been lifted from the public. The cost of acquiring oil and gas will be lower for Kenyans in the subsequent oil importation for the country.
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