Photo used for illustration
The Energy and Petroleum Regulatory Authority (EPRA) has retained the prices of Super Petrol, Diesel, and Kerosene at constant levels, as was in the month of October.
In the latest review of fuel prices on Thursday, November 14, EPRA maintained that Super Petrol will continue to sell at Ksh180.66 per litre, Diesel at Ksh168.06 per litre and Kerosene at Ksh151.39 per litre.
The prices include the 16 percent Value Added Tax, as provided for in the Finance Act 2023 and the Tax Laws Amendment Act 2020, and run from November 14 to December 14, 2024.
The announcement by the regulator follows a detailed analysis of the global oil market and the costs of importing refined petroleum products.
According to the EPRA, the average landed cost of imported Super Petrol increased 0.54 percent from Ksh82,422 (US$637.70) per cubic metre in September to Ksh82,867 (US$641.14) in October.
While the landed cost of Diesel decreased 4.34 percent from Ksh82,231 (US$636.22) per cubic metre to Ksh78,662 (US$608.61), Kerosene increased 3.97 percent from Ksh80,573 (US$623.39) to Ksh83,773 (US$648.15).
EPRA Boss Daniel Kiptoo
In a statement, EPRA noted that Kenya imports all its petroleum products in refined form with prices benchmarked off the international markets.
"The trade of the petroleum product in the international markets is denominated in United States Dollars, and an exchange rate is applied to convert the US Dollars to Kenyan shillings during the computation of local pump prices," said the authority.
The price stability announced by EPRA comes as a relief for consumers, who were bracing for a possible hike in the prices of fuel.
This follows an increase in the global prices of oil occasioned by the end of the US elections and a drawdown of oil inventories, according to the Central Bank of Kenya, which reported in its weekly bulletin dated November 8.
At the same time, CBK pointed out that the price of Murban crude oil had increased to USD 74.83 per barrel on November 7 from USD 72.42 on October 31.
The decision by EPRA also comes after the regulator drastically cut fuel prices in its review last month.
This was attributed to the strengthened Kenyan shilling and a decline in global oil prices.
.png)
0 Comments