The government adjusted the prices of electricity for March, as announced through the Kenya Gazette.
On Friday, March 13, the Energy and Petroleum Regulatory Authority announced that it had increased fuel energy cost charge.
It also adjusted foreign exchange fluctuation and increased the water resource management authority levy.File image of a Kenya Power electrician at workFile
"Notice is given that all prices for electrical energy will be liable to a fuel energy cost charge of plus 250 Kenya cents per kWh (Kilowatts per hour), a Water Resource Management Authority (WRMA) levy of plus 2.13 Kenya cents per kWh for all meter readings to be taken in March 2020," read the gazette notice.
Foreign exchange fluctuation was adjusted- by minus 11.49 Kenyan cents per kWh.
In April 2020, both oil and electricity prices are expected to drop. This is after leading Oil Producing and Exporting Country (OPEC) Saudi Arabia and Russia, a non-OPEC leader fell out and kickstarted an oil price war.
The international benchmark, Brent, prices dipped by 25 per cent to an average of at $33.90 a barrel. The new prices are likely to affect Kenya's prices when the Energy and Petroleum Regulatory Authority reviews oil prices in mid- April 2020.
Saudi Arabia cut down its oil prices in early March, seeking to ramp up production for April, after a breakdown in talks with Russia, cutting its official selling prices for April between $6 and $8 a barrel.
"Oil is a cause of inflation as it affects everyone and every key player in the economy, from farmers to industrialists. EPR will review the prices in line with the Sudi Arabia - Russia war in April and not in March. The drop is beneficial for Kenya as the fuel levy will also be adjusted hence reducing electricity prices," Nicholas a financial analyst informed Kenyans.co.ke.
As of February 14, super petrol, diesel and kerosene prices retailed at Ksh 113.87, Ksh 104.45 and Ksh 102.69 respectively.File image of a fuel attendant at work at a petrol station.File
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