The Energy and Petroleum Regulatory Authority (EPRA) on Sunday, February 14, announced new fuel prices.
The new prices will be in force from Monday, February 15, to Sunday, March 14, meaning that motorists will now dig deeper into their pockets to buy fuel as prices of Super Petrol, Diesel and Kerosene will increase significantly starting midnight.
"Taking into account the weighted average cost of imported refined petroleum products, the changes in the maximum allowed petroleum pump prices in Nairobi are as follows: Super Petrol, Diesel and Kerosene increases by Ksh8.19, Ksh5.51 and Ksh5.32 per litre respectively," read part of the statement by EPRA.
The new fuel prices in Nairobi are as follows: Super Petrol Ksh115.18, Diesel at Ksh 101.91 and Kerosene at Ksh 92.44 per litre. The previous fuel prices retailed at: Super Petrol Ksh106.99, Diesel Ksh96.40, Kerosene Ksh87.12.
In Mombasa, Super Petrol will retail at Ksh112.78, Ksh99.52 for Diesel and Ksh90.05 for Kerosene. Nakuru's new fuel prices will be Ksh114.85 for Super Petrol, Diesel will retail at Ksh101.81 while Kerosene will go for Ksh92.36
In Eldoret, the new fuel prices that will take effect from midnight will see Super Petrol go for Ksh115.77 Diesel for Ksh102.74 and Kerosene for Ksh93.29.
According to the Authority, the prices are inclusive of the 8% Value Added Tax (VAT) in line with the Finance Act 2008 and the revised rates for excise duty adjusted for inflation was done according to Legal Notice 194 of 2020.
Further, EPRA attributed the changes of the fuel prices to the rise of imported fuel prices.
"The changes in the month's prices are as a consequence of the average landed cost of imported Super Petrol increasing by 20.93% from the US $ 323.52 per cubic metre in December 2020 to the US $ 391.94 per cubic metre in January 2021," EPRA stated.
For the sharp increase in Diesel, EPRA explained that it was occasioned by the increase of 13.64 % from the US $ 332.22 per cubic metre to the US $ 377.55 per cubic metre and Kerosene increasing by 14.6 % from the US $ 302.97 per cubic metre to the US $ 347.19 per cubic metre.
International crude oil prices had seen the fuel prices lower in 2020 due to the low demand owing to the effects of the Covid-19 pandemic. However, the prices have been on the rise since the opening of the economies around the world bringing back the demand to an all time high. This means that the cost of fuel could rise further with international prices continuing to peak in February.
