Kibaki asks oil companies to lower prices (Kibaki aomba makampuni ya mafuta kupunguza bei za mafuta)

President Kibaki on Friday appealed to oil companies to reduce pump prices in line with falling international crude oil prices in order to stem inflation.

He said the high cost of energy is causing severe inflationary pressure.“I would like to appeal to the local oil companies to be mindful of the heavy burden on wananchi when international oil prices increase,” the President noted.

“Accordingly, when these prices reduce, the benefits should be extended to the consumers without delay.”

In a press statement released on Friday, the Energy Regulatory Commission notes that the current pump prices are expensive by over eight shillings.

The newly inaugurated energy sector regulator also called on oil companies to adjust their prices “downward commensurate with the changes in the international prices.”