{"id":79728,"date":"2022-09-13T18:52:33","date_gmt":"2022-09-13T15:52:33","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/business\/?p=79728"},"modified":"2022-09-15T09:17:55","modified_gmt":"2022-09-15T06:17:55","slug":"president-ruto-reveals-plan-to-scrap-fuel-subsidy","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2022\/09\/president-ruto-reveals-plan-to-scrap-fuel-subsidy\/","title":{"rendered":"President Ruto reveals plan to scrap fuel subsidy"},"content":{"rendered":"

NAIROBI, Kenya, Sep 13 \u2013 President William Ruto’s administration plans to face out the fuel subsidy programme, which has seen the government spend over Sh144 billion in the past year to stabilize fuel prices.<\/strong><\/p>\n

In his inaugural speech, Ruto said Kenya would need to spend Sh200 Billion in the next financial year if it was to continue implementing the fuel subsidy.<\/p>\n

\u201cThe interventions in place have not borne any fruit. On fuel subsidy alone, the taxpayers have spent a total of Sh144 billion, a whooping Ksh 60 billion in the last 4 months,\u201d Ruto said.<\/p>\n

If the subsidy continues to the end of the financial year, Ruto said, it will cost the taxpayer Sh280 billion, equivalent to the entire national government development budget.<\/p>\n

The fuel subsidy was initiated by his predecessor Uhuru Kenyatta in a move to reduce the cost of fuel by approximately 13 percent\u00a0but Ruto now says it is no longer tenable.<\/p>\n

The government\u2019s\u00a0delay in paying the subsidy has resulted in fuel shortages occasioned sometimes by hoarding.<\/p>\n

Kenyans are now left to wait to see the direction fuel prices will take with the monthly fuel review by the Energy and Petroleum Regulatory Authority (EPRA) expected Wednesday.<\/p>\n

National Treasury had announced plans to begin gradual face out of the fuel subsidy beginning the next financial year.<\/p>\n","protected":false},"excerpt":{"rendered":"

NAIROBI, Kenya, Sep 13 \u2013 President William Ruto’s administration plans to face out the fuel subsidy programme, which has seen the government spend over Sh144 billion in the past year to stabilize fuel prices. In his inaugural speech, Ruto said Kenya would need to spend Sh200 Billion in the next financial year if it was […]<\/p>\n","protected":false},"author":12343,"featured_media":53850,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[808,1],"tags":[934,4969,6455],"coauthors":[723],"class_list":["post-79728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","category-kenya","tag-featured","tag-fuel-subsidy","tag-president-ruto"],"yoast_head":"\nPresident Ruto reveals plan to scrap fuel subsidy - Capital Business<\/title>\n<meta name=\"description\" content=\"NAIROBI, Kenya, Sep 13 \u2013 President William Ruto's administration plans to face out the fuel subsidy programme, which has seen the government spend over Kenya breaking news | Kenya news today |\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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