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Tuesday, December 5, 2023

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Kenya Power increases token prices by 3.7

Kenya Power has increased token prices over higher cost of fuel in its latest review on electricity costs.

Due to higher fuel prices and a depreciating shilling, Kenyans will pay more for electricity in the month of October as a result of price hikes made by the energy regulator.

The Fuel Energy Charge (FEC) has increased by 18.7% from Sh4.16 per unit last month to Sh4.94 by the Energy and Petroleum Regulatory Authority (Epra). 

Epra also increased the foreign exchange rate fluctuation adjustment (Ferfa) by 48.5 percent from Sh1.38 per unit to Sh2.05.

As a result, the price of an electrical unit for a typical household client has increased to approximately Sh28, an increase of nearly 3.7 percent from approximately Sh27 per unit in September.

Epra last month increased the prices of petrol by Sh16.96 per litre, diesel went up by Sh21.32 while kerosene increased by Sh33.13. This means that in Nairobi, motorists are now buying petrol at a record Sh211.64, diesel at Sh200.99 and kerosene at Sh202.61.

This is the first time fuel prices are retailing at above the Sh200 mark in Nairobi. 

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The Ferfa charge covers the fluctuation of the Kenya shilling against major currencies such as the US dollar.

It covers costs incurred by Kenya Power such as repayment of foreign loans and power purchase costs.

The Kenyan shilling, which was trading at a mean of Sh148.7 against the US dollar on Monday, has been on a free fall in recent months despite interventions by the government to arrest its decline, especially through fuel importation on credit.

The increase in power prices is set to exert further pressure on households and businesses even as inflation last month rose for the first time since May. 

Inflation rose to 6.8 percent in September, according to the Kenya National Bureau of Statistics (KNBS).

Prices of commodities under transport, food and non-alcoholic beverages and housing, water, electricity, gas and other fuels, increased by 13 percent, 7.9 percent, and 6.3 percent, respectively, between September 2022 and September 2023.

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