President Ruto delays plan to lower gas prices by June

President William Ruto has delayed his plan to lower the price of cooking gas by up to 80%.

In March, Ruto promised that the price of a 6-kilogram gas cylinder would fall from Ksh.2,800 to between Ksh.300 and Ksh.500 by June.

Read Also President Ruto: Kenya’s Economy is in Good Hands

However, in a recent interview, Ruto said that the plan is no longer possible within the current fiscal year.

Ruto said that the government needs to pass a new budget in order to approve the subsidy.

The new budget will be presented to Parliament in July. Ruto also said that the government will securitize the tax levied on kerosene to help lower gas prices.

Securitization is a process of converting assets into securities that can be traded on financial markets.

By securitizing the tax on kerosene, the government will be able to raise money to subsidize gas prices.

Ruto’s announcement has disappointed many Kenyans, who were looking forward to the lower gas prices.

However, Ruto has assured Kenyans that the plan is still in place and that the government is working to make it happen as soon as possible.