Juma who is also the acting Cabinet Secretary for Petroleum on Thursday told delegates attending a two-day conference on Sustainable Energy that the usage of green energy production will go a long way in cushioning millions of Kenyans who are bearing the brunt of the high cost of petroleum products.
“And I think this indicates the degree of connectedness and the importance of developing this renewable resource to reduce the extent of dependency because it speaks to the question of energy security. This reality must be what drives us to the next step,” she said.
In its latest review of the fuel prices, the Energy Petroleum and Regulatory Authority (EPRA) increased the price of fuel by Sh9 signaling tough times ahead for Kenyans.
In Nairobi, a litre of petrol now retails at Sh159.12; diesel at Sh140.0 and kerosene Sh127.94.
Treasury has since hinted that fuel prices could increase further in the near future as the government seeks to gradually remove the subsidy cushioning Kenyans against high cost.
Treasury Cabinet Secretary Ukur Yattani said the gradual adjustment of domestic fuel prices is necessary as it will progressively eliminate the need for the fuel subsidy, possibly within the next Financial Year.
It is on this backdrop that CS Juma noted that efforts by the government to stabilize the fuel prices through the Petroleum Development levy aimed at cushioning consumers from the surge in the global oil prices has not been sustainable.
“This is the extent of the challenge because of the dependency on fuel and I think it is the reason why this country must go green firmly and clearly,” she said.
Russia invasion in Ukraine on February 24, 2022 has been blamed for the spike in fuel prices prompting volatility and uncertainty in the international oil markets given that Russia is the third-largest oil exporter in the world, commanding 11 percent of the global market share.