The Energy Petroleum and Regulatory Authority (EPRA) has released the new fuel prices on Wednesday, July 14, 2021.
In a press release dated July 14, 2021, the EPRA released the new fuel prices which will run from July 15 to August 14. The fuel prices will remain unchanged.
The cost of petroleum will remain at Ksh127.14 while diesel will sell at Ksh107.66. The cost of kerosene also remained unchanged at Ksh97.85 in Nairobi.
The prices are inclusive of the 8% Value Added Tax (VAT) in line with the provisions of the Finance Act 2018, The Tax Laws (Amendment) Act 2020, and the reviewed rates for excise duty were adjusted for inflation as per Legal Notice No 194 of 2020.
On May 15, EPRA increased the price of petrol by Ksh3.56 to Ksh 126.37 while the prices of diesel and kerosene remained the same.
The cost of petrol further went up by Ksh77 cents when the VAT was effected.
EPRA revealed that the cost of imported Super Petrol increased by 4.83% from $496.10 per cubic metre in May 2021 to $520.04 in June 2021.
Diesel on the other hand increased by 3.69% from $461.95 per cubic metre in May to $479.01 in June 2021. In the period, no Kerosene vessel was discharged at the port in Mombasa.
The Ministry of Energy had predicted that the fuel prices would rise up by Ksh3 unless the ministry offered a subsidy.
EPRA stated that the purpose of petroleum price regulations is to cap the retail prices of petroleum products that are already in the country.
Capping will see that importation and other prudently incurred costs are recovered while ensuring reasonable prices to consumers.
The prices are expected to take effect on Thursday, July 15 at 12:00am.