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PSVs go for 30pc fare rise Friday over fuel – Business Daily

A number of public service vehicles line up as they enter into the Green Park Terminus on June 22, 2022. PHOTO | FRANCIS NDERITU | NMG
Public Service Vehicles (PSVs) will announce a 30 percent fare increase Friday after fuel prices hit a historic high on the partial drop of the subsidy that has offered relief to motorists over the last year.
The Federation of Public Transport Sector says the rise will be countrywide to factor in the recent fuel prices.
In the latest monthly review by the Energy and Petroleum Regulatory Authority (Epra), Super petrol is up by Sh20.18 to retail at Sh179.30 per litre in Nairobi.
“We are having a major meeting tomorrow (today) that brings together all players in the transport sector. One of the resolutions will include countrywide adjustment on PSV fares by between 20-30 percent,” said the lobby’s chairman Edwin Mukabana in an interview on Thursday.
The latest review will see diesel prices rise by Sh25 to retail at Sh165.00 per litre while kerosene is up by Sh20 to retail at Sh147.94 per litre.
The new prices run until October 14. The energy regulator said although the subsidy for Super petrol has been abolished, a subsidy of Sh20.82 per litre and Sh26.25 per litre has been retained for diesel and kerosene respectively.
The prices are exclusive of Sh8 percent value-added tax in line with the provisions of the Finance Act 2018, the Tax Laws (Amendment) Act 2020 and the revised rates for excise duty for inflation as per Legal Notice No. 194 of 2020.
The record prices will unleash inflationary pressure on the cost of living as manufacturers of goods, transporters and service providers pass the increased cost of fuel to the consumer.
The review comes at a time President William Ruto has indicated he will drop the fuel subsidies, setting up Kenyans for higher transportation and production costs.
Dr Ruto said in his inauguration speech that the economy cannot sustain consumption subsidies, pointing to a policy shift that may see him leave the prices of food and fuel to be determined by market forces at least in the near term.
The increase in fuel prices means that a passenger from Donholm to Nairobi city centre will pay Sh105 up from Sh80 during rush hours.
Those commuting from Rongai to Nairobi will part up to Sh130 down from Sh100 especially when demand is high.
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Joseph Muongi

Financial.co.ke was founded by Mr. Joseph Muongi Kamau. He holds a Master of Science in Finance, Bachelors of Science in Actuarial Science and a Certificate of proficiencty in insurance. He's also the lead financial consultant.