EPRA announces new fuel prices
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EPRA announces new fuel prices with an increase in super petrol price by KSh2 in the latest review
EPRA announces new fuel prices with an increase in super petrol price by KSh2 in the latest review.
According to the Energy and Petroleum Regulatory Authority’s (EPRA) latest review, the price of super petrol has increased by Sh2, while the cost of diesel and kerosene has not changed.
Super petrol will retail for Sh179.30, diesel for Sh162, and kerosene for Sh145.94 in Nairobi as of midnight.
According to EPRA, in order to protect consumers from exorbitant prices, the price of diesel has been cross-subsidized with that of Super Petrol, while a subsidy of Sh23.49 per litre has been maintained for kerosene.
To make up for the cost difference, the government will use the Petroleum Development Levy to pay oil marketing corporations.
The new fuel prices are inclusive of the 8 percent Value Added Tax (VAT) in line with the provisions of the Finance Act 2018, the Tax Laws (Amendment) Act 2020, and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020.
The Energy and Petroleum Regulatory Authority (EPRA) explained that increasing Super petrol prices by Ksh2 was subject to the dominance of the US dollar against the Kenyan shilling.
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In a statement, the authority noted a drop of 0.06 percent in the landing cost of imported petrol.
Landing costs are usually calculated in dollars.
The review comes after Energy and Petroleum Cabinet Secretary Davies Chirchir said on Monday that the government signed a deal with Saudi Aramco to supply Kenya with diesel and super for the next six months, while Abu Dhabi National Oil Company (Adnoc) will deliver three cargoes of super petrol every month.
Saudi Aramco is the world’s biggest oil producer and it recently bought US motor oil and lubricants group Valvoline, giving it a local presence locally in Kenya.
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