EPRA Reduces Fuel Prices
EPRA Reduces Fuel Prices
There will be a decrease in fuel costs, according to the Energy and Petroleum Regulatory Authority (EPRA).Super Petrol, Diesel, and Kerosene all had price reductions of Ksh1.
As a result, in Nairobi, a liter of gasoline will cost Ksh206.36 while a liter of diesel would cost Ksh195.47. In contrast, kerosene will cost Ksh193.23 for the upcoming month.”In the period under review, the maximum allowed petroleum pump price for Super Petrol, Diesel and Kerosene decrease by KShs.1.00 per litre respectively,” the statement said.
According to EPRA, the revised rates for exercise duty that have been adjusted for inflation are included in the new prices, together with the 16 percent Value Added Tax (VAT) as specified by the Finance Act 2023 and the Tax Laws (Amendment) Act 2020.According to the administration, kerosene prices were totally stabilized, but diesel prices were cross-subsidized with those of Super Petrol.
“Oil Marketing Companies (OMCs) will be compensated for the under-recovery of costs from the Petroleum Development Levy (PDL) Fund,” EPRA added.”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.”
Previously, Super Petrol retailed at Ksh207.36, Diesel at Ksh196.47, and Kerosene at Ksh194.23.This comes as the Shilling continues to show signs of recovery after more than a year of downward spiral.
In a notification released on Tuesday, February 13, the Central Bank of Kenya stated that the value of the Kenyan Shilling in relation to the US Dollar was 158.66 units.In a statement, CBK said that the Shilling had stabilized and that the growing tourism sector and favorable diaspora remittances were to blame for the gain.
