New fuel rates as EPRA hikes fuel prices.
EPRA announces new fuel rates as prices increase. Petrol has now increased by Ksh20 to a Ksh179.30 per litre, Diesel increased by Ksh25 to Ksh165 while Kerosene increased by Ksh20 to Ksh147.94 in Nairobi.
EPRA stated,”Taking into account the weighted average cost of imported refined petroleum products and in line with government policy to progressively remove subsidy on petroleum fuels, the changes in the maximum allowed petroleum pump prices in Nairobi are as follows: Super Petrol, Diesel and Kerosene increase by Ksh 20.18 per litre, Ksh 25 per litre and Ksh 20 per litre respectively.”
According to a statement released by EPRA on wednesday night, the new fuel prices are inclusive of the value added tax(VAT) in the Tax Laws (Amendment) Act 2020.
EPRA said,”The average landed cost of imported Super petrol decreased by 24.31% from $1,074.1 per cubic metre in July 2022 to $842.91 per cubic metre in August 2022; Diesel decreased by 13.9% from $1,103.03 per cubic metre to $949.68 per cubic metre while kerosene decreased by 19.07% from $1,111.53 per cubic metre to $899.56 per cubic metre.”
This comes after president Ruto in his inaugural speech promised to end the fuel and unga subsidy.
He said,”If the subsidy continues to the end of the financial year, it will cost taxpayers Ksh280 billion, equivalent to the entire national government development budget.”
However, the Kenya Transporters Association(KTA) pleaded with the president not to abolish the subsidy since it has one way or the other came in handy.
KTA said,”Any Increase in fuel costs, directly and indirectly, results in an increase in prices of essential goods consumed and services rendered for the common hustler. We kindly request the new administration to continue cushioning the citizens by continuing to subsidize fuel even in the face of government revenue deficit.”
Also read EPRA addresses reports of fuel hike in September