EPRA Reduces Petrol, Diesel Prices by Sh1
The Energy and Petroleum Regulatory Authority (EPRA) has announced a reduction in fuel prices.
The prices of Super Petrol, Diesel, and Kerosene were reduced by Ksh1 each.
As such, a liter of petrol will retail at Ksh206.36 while diesel will be valued at Ksh195.47 in Nairobi. Kerosene, on the other hand, will be sold at Ksh193.23 for the next month.
“In the period under review, the maximum allowed petroleum pump price for Super Petrol, Diesel and Kerosene decrease by KShs.1.00 per liter respectively,” read the statement in part.
EPRA revealed that the new prices are inclusive of the 16 percent Value Added Tax (VAT) as outlined by the Finance Act 2023, the Tax Laws (Amendment) Act 2020, and the revised rates for exercise duty adjusted for inflation.
The authority indicated that the price of diesel was cross-subsidized with that of Super Petrol while Kerosene was fully stabilized.
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“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.
The Central Bank of Kenya through a notice issued on Tuesday, February 13, the Kenyan Shilling was trading at 158.66 units against the US Dollar.
CBK in a statement revealed that the Shilling had continued to stabilise, attributing the gain to favourable diaspora remittances and the thriving Tourism industry.
EPRA Reduces Petrol, Diesel Prices by Sh1