Commerce

Pain at the pump as fuel prices increase by Ksh5.50

Saturday, May 14th, 2022 20:27 | By
The State had partially withdrawn fuel subsidy, sending diesel and petrol prices to an all-time high in the first increase since October. PHOTO/FILE

The Energy and Petroleum Regulatory Authority (EPRA) has increased the pump prices of Super Petrol, Diesel and Kerosene by Ksh5.50 per litre respectively.

In the new prices for the period between May 15 and June 14, 2022, the prices of Super Petrol, Diesel and Kerosene will be Ksh150.12, Ksh131 and 118.94 respectively.

"The Government will utilise the Petroleum Development Levy (PDL) to cushion consumers from the otherwise high prices. In Nairobi, super petrol will retail at a subsided cost of Ksh150.12, Diesel Ksh131.00 and Kerosene Ksh118.94," EPRA said.

"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."

The Free On board (FOB) price of Murban crude oil lifted in April 2022 was posted at US$ 93.99 per barrel an increase of 10.43 per cent from US$ 85.11 per barrel in March 2022.

Over the same period, the mean monthly US Dollar to Kenya Shilling exchange rate depreciated by 0.99% from Ksh 114.60 per US$ in March 2022 to Ksh115.74 per US$ in April 2022.

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