The Energy and Petroleum Regulatory Authority of Kenya has released the maximum retail and wholesale prices of petroleum products for the period from 15th May 2023 to 14th June 2023. This move is in accordance with Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022.
According to the new prices, Super Petrol will retail at Kshs.182.70 per liter, Diesel at Kshs.168.40 per liter, and Kerosene at Kshs.161.13 per liter for the next 30 days.
In Nairobi, the maximum allowable pump prices of petroleum products are set to rise in response to the weighted average cost of imported refined products. According to the latest figures, Super Petrol, Diesel, and Kerosene will be subject to increases of Kshs. 3.40, Kshs. 6.40, and Kshs. 15.19 per litre, respectively.
The prices stated include the 8% Value Added Tax (VAT) as per the guidelines outlined in the Finance Act 2018, the Tax Laws (Amendment) Act 2020, and the updated rates for excise duty that have been adjusted for inflation in accordance with Legal Notice No. 194 of 2020.
The average landed cost of imported super petrol increased by 8.63 from USD 666.51 per cubic meter in march to USD 724.o1 per cubic meter in April; Diesel decreased by 2.51% from USD 705.82 per cubic meter to USD 688.07 per cubic meters while kerosene decreased by 1.13% from USD 707.53 per cubic meter to USD 699l54 per cubic meter.
The new fuel prices will remain in effect for the next 30 days, after which the EPRA will review them based on prevailing market conditions.
This latest development is expected to have significant implications for consumers and businesses alike, particularly those who rely heavily on these products for their day-to-day activities.
The announcement of the new fuel prices has been met with criticism from various quarters, with many Kenyans’ expressing their frustration at the ever-increasing cost of living in the country.
With the new prices, Kenyans are bracing themselves for tougher times ahead as they struggle to cope with the high cost of basic commodities.
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