The Energy & Petroleum Regulatory Authority (EPRA) has announced new fuel prices for the period between May 15, 2023, and June 14, 2023.
The retail prices for super petrol, diesel and kerosene have increased by Ksh3.40 per litre, Ksh6.40 per litre and Ksh15.19 per litre respectively. The subsidy on diesel and kerosene has been removed.
As a result, the new price per litre of super petrol, diesel and kerosene in Nairobi will be Ksh182.70, Ksh168.40 and Ksh161.13 respectively.
"The fuel prices are inclusive of the 8% 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," EPRA said in a notice.
International fuel prices
EPRA announced that the average landed cost of imported Super Petrol increased by 8.63% from US$666.51 per cubic metre in March 2023 to US$724.01 per cubic metre in April 2023; Diesel decreased by 2.51% from US$705.82 per cubic metre to US$688.07 per cubic metre while Kerosene decreased by 1.13% from US$707.53 per cubic metre to US$699.54 per cubic metre.
The Free On board (FOB) price of Murban crude oil lifted in April 2023 was posted at USD83.36 per barrel an increase of 0.88% from USD82.63 per barrel in March 2023.
Over the same period, the mean monthly US Dollar to Kenya Shilling exchange rate appreciated by 0.47% from Ksh139.61 per USD in March 2023 to Ksh138.96 per USD in April 2023.
"The purpose of the Petroleum Pricing Regulations is to cap the retail prices of petroleum products which are already in the country so that importation and other prudently incurred costs are recovered while ensuring reasonable prices to consumers,"EPRA said.