The Kenya National Chamber of Commerce and Industry, (KNCCI) has joined the push to compel manufacturers, matatu operators to review downwards cost of essential commodities and fares to calm excitement of Kenyans on fuel and electricity drop down.
The chamber also wants manufacturers and service providers take advantage on the falling cost of operation and import bill to boost production levels to prepare for bigger earnings in the local, regional and international markets.
“Increased production will definitely translate in the much desired increased job opportunities and incomes for our Kenyans,” said KNCCI, Nairobi county chairman, Edward Tenga.
He reiterated the expected fall in prices is the best news Kenyans have received after many years of suffering under exorbitant charges.
“This will serve to satisfy the immediate expectations and calm excitement of Kenyan citizens for reduced prices in line with the big price percentage drops in fuel and electricity.
Additional cheaper 280 megawatts of local geothermal power to the national grid particularly he said makes products very competitive in the export markets- an opportunity to broaden the country’s industrial base.
The Chamber however cautioned consumers of big excitement citing manufacturers and other businesses relying on power and oil to process goods like packaging, labour and raw materials continue to rise.
“Though there is an expectation in reduction in prices, the drop may not be exactly in equal percentages indicative of same marginal drops as fuel. Equally important production costs for companies are also high,” said Tenga.
He challenged the government to ensure search for Kenyan oil is intensified and companies contracted to undertake oil exploration made more proactive to ensure reliable and lasting fuel price stability.