May 20, 2024

Fuel Prices; EPRA Issues Show Cause Letters to Oil Marketers as it Announces New Prices

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Fuel Prices; EPRA Issues Show Cause Letters to Oil Marketers as Pump Prices Jump by Sh10 Amid Acute Shortage.

Oil Marketers selling fuel beyond the pricing authorized in monthly reviews have received show-cause letters, Energy Cabinet Secretary Monica Juma has said.

During a press conference on Thursday, Juma stated that the Energy Petroleum and Regulatory Authority (EPRA) sent the letters in response to concerns of motorists paying exorbitant amounts for fuel that she claims is readily available.

She stated that Kenya has sufficient supplies and that certain players are hoarding stuff in anticipation of price increases.

Some players, she claimed, have been diverting shipments to export markets.

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EPRA increases fuel prices by Sh10 

In this month’s review, the Energy Regulatory Authority, EPRA, increased fuel prices by Sh9.90.

A litre of petrol now costs Sh144.62 in Nairobi, up from Sh134.72 previously.

In Nairobi, a litre of diesel would cost Sh125.50, up from Sh115.60 previously.

In Nairobi, kerosene will cost Sh113.44, up from Sh103.54 previously.

The new prices will go into effect at Midnight of Thursday, April 14, and will last until 12 a.m. on May 14, 2022.

EPRA Chief Executive Officer Daniel Kiptoo said the new prices are inclusive of 8 percent VAT in accordance the Finance Act, 2018, Tax Law amendment Act 2020, and adjustment of inflation rates. 

While releasing the new prices on Thursday, Kiptoo said the hike is a result of a 20.47 percent increase in the average landing cost for super petrol by, 24.7 percent for diesel and 11.84 percent for kerosene.

This translates to a 20.47 percent change in the cost of super petrol, 24.7 percent change in the cost of diesel, and 11.84 percent change in the cost of kerosene.

Also read,

EPRA Punishes Oil Marketing Companies Over Fuel Shortage

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