Kenyans across the country can now breathe a sigh of relief as the government takes bold steps to stabilize the prices of basic commodities, including cooking oil.
The Kenya National Trading Corporation (KNTC), a State agency, has undergone a transformation aimed at reducing the cost of living and ensuring affordable access to essential goods.
By importing commodities such as cooking oil, rice, maize, and beans, and implementing tax and duty waivers, the government has successfully lowered prices and made cooking oil more affordable for all.
One striking example of this initiative is the reduction in prices of popular cooking oil brands.
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The 5-litre Master Chef brand, previously sold at Sh1, 676, is now available for Sh999, representing a significant 40% reduction. Similarly, a 3-litre bottle of Fresh Fri, previously priced at Sh1, 027, is now priced at Sh799, while the 2-litre option has decreased from Sh741 to Sh549.
The government’s deliberate intervention stems from the understanding that citizens should never be left at the mercy of market forces and unscrupulous market sharks, particularly during times of scarcity.
By leveraging the role of Kenya National Trading Corporation and implementing tax waivers, the government has successfully curbed excessive pricing and disrupted the profiteering schemes of certain cartels dominating the cooking oil market, namely Menengai Oil and Bidco.
Financial expert John Mainge has told Opera that a section of cartels are displeased with the government’s actions and have resorted to launching a desperate, misleading, and inaccurate media campaign.
He said that their discontent arises from the fact that the government’s intervention has compelled them to reduce prices and relinquish the abnormal super profits they had been making.
“The government’s decision to take the lead in stabilizing prices was prompted by the recognition that relying on the private sector, driven primarily by profit motives, would not align with the goal of reducing the cost of living. Market forces alone cannot be trusted to prioritize the welfare of citizens over maximizing profits. Thus, the government stepped in as a guardian of the people’s interests,’ he said.
He said that by promoting domestic production, the government aims to reduce reliance on imports, which currently cost Kenya $1 billion in foreign exchange.
“This comprehensive approach to stabilizing prices and ensuring access to affordable cooking oil signifies the government’s commitment to addressing the needs of its citizens. The combination of import policies, tax waivers, and future plans for domestic production demonstrates a holistic strategy aimed at providing sustainable relief from high living costs,” he said.
He said that by revamping KNTC, implementing tax waivers, and challenging cartel dominance, the government has successfully disrupted the status quo and created an environment where the welfare of citizens takes precedence over excessive profits.
He said through these efforts, the government remains dedicated to improving the lives of hustlers and ordinary citizens by addressing the issue of high living costs in the country.
by: NewshunterJournal