The Energy and Petroleum Regulatory Authority (EPRA) on Tuesday, March 14, announced new fuel prices for the next one month.
In the latest monthly review, the super petrol will retail at Ksh179.3 per litre in Nairobi - an increase of Ksh2 per litre compared to the February 14 price.
Meanwhile, thediesel and kerosene will retail at Ksh162 and Ksh145.95 per litre respectively at the pump - both recording no increase.
"In the period under review, the maximum allowed petroleum pump price of Super Petrol increases by Ksh. 2.00 per litre while that of Diesel and Kerosene remain unchanged.
"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 revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020," read the statement in part.
EPRA further clarified that the price of diesel was cross-subsidised with that of super petrol while a subsidy of Ksh 23.49 per litre was maintained for Kerosene in order to cushion consumers.
"The Government will utilise the Petroleum Development Levy to compensate oil marketing companies for the difference in cost," EPRA assured.
The prices are set to take effect on Wednesday, March 15, 2023, at midnight and run till April 14, 2023.
Initially, the price of super petrol in Nairobi retailed at Ksh177.3 per litre.
The move came after Petroleum CS Davis Chirchir announced a deal with a Saudi Arabian company and a Dubai-based company to supply oil to the country for a period of six months.
The CS added that the government would remit in Kenyan shilling in a bid to reduce the strain on the supply and demand of the currency locally.
He added that the government would purchase oil at the same price on credit, creating some breathing space from a foreign exchange standpoint.
"We have closed and signed a deal with Aramco of Saudi for the supply of two products every month for a period of six months.
“Additionally, we closed a deal for the supply of Super with a Dubai-based company for three cargos every month for the next six months,” Chirchir stated.