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Friday, April 19, 2024
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Relief for Kenyans as Fuel Prices Start To Come Down

Relief for Kenyans as Fuel Prices Start To Come Down
Relief for Kenyans as Fuel Prices Start To Come Down

The Energy Petroleum and Regulatory Authority (EPRA) on Thursday announced the new fuel prices for the period between December 15 this year and January 14, 2023.

In the latest review, petrol decreased by Ksh5, diesel by Ksh2, and kerosene by Ksh4.01. Motorists in Nairobi will now pay Ksh212.36 for petrol, Ksh201.47 for diesel, and Ksh199.05 for Kerosene per litre.

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“The prices are inclusive of the 16 per cent Value Added Tax (VAT) in line with the provisions of the Finance Act. 2023, the Tax Laws (Amendment) Act 2020, and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020,” EPRA announced.

Previously, the prices stood at Ksh217.36, Ksh203.47, and Ksh203.06 for petrol, diesel, and kerosene, respectively.

Besides Nairobi, motorists in other cities will also enjoy a decrease in prices with motorists in Kisumu parting with Ksh212.12 for petrol, Ksh201.64 for diesel, and Ksh199.23 for kerosene.

Those in Mombasa will be charged Ksh209.3 for petrol, Ksh198.41 for diesel, and Ksh195.92 for kerosene. Meanwhile, Nakuru motorists will pay Ksh211.35, Ksh200.88, and Ksh198.46 for petrol, diesel and kerosene respectively.

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Additionally, in Eldoret, Kenyans will part with Ksh212.12 (petrol), Ksh201.65(diesel), and Ksh199.23(kerosene).

According to EPRA, the landing cost of imported petrol decreased by 16.11 per cent in November, Diesel by 5.43 per cent, and kerosene by 6.63 per cent, leading to a decrease in fuel prices.

“The price of diesel has been cross-subsidized with that of super petrol to further cushion the economy, the government has opted to stabilise the resultant diesel price. Government through the National Treasury has identified resources within the current resource envelope to compensate Oil Marketing Companies,” EPRA announced.

This relief comes after Kenyans have been grappling with the increasing prices throughout the year when the prices reached an all-time high of Ksh217.36 for a litre of petrol in October.

The high fuel prices in the country have raised questions as other countries like Tanzania announced a drop due to the decrease in prices in the global market. Kenya was thus expected to reduce fuel prices as oil supply outstripped demand globally. Oil consumption was said to have dropped owing to the winter season abroad.

Brent crude oil, which Kenya imports, was projected to plunge to USD69 a barrel by midday Tuesday compared to USD100 a barrel in September this year.

Meanwhile, back home, measures put in place to lower the prices, such as the Government to Government deal between Kenya and Saudi Arabia, have been unsuccessful, with oil marketers attributing the challenges faced to the depreciation of the Shilling.

Earlier, Energy Cabinet Secretary Davis Chirchir had hinted that the prices may cross the Ksh300 mark due to the Israel-Palestine war.

Transport CS Kipchumba Murkomen also called for an increase in the road maintenance levy from Ksh18 to Ksh23, which was expected to lead to high fuel prices. EPRA, however, reduced the fuel prices.

 

By MAUREEN NJERI

Source-https://www.kenyans.co.ke/

 

Relief for Kenyans as Fuel Prices Start To Come Down

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