Energy and Petroleum Regulation Authority (EPRA) has released October’s fuel price review which saw the maximum pump prices for super petrol, diesel and kerosene remain unchanged. The new rates will take effect from midnight October 15 to November 14, leaving the fuel prices retailing at KES 184.52 per litre for super petrol, KES 171.47 for diesel and KES 154.78 per litre for kerosene.
From the September review, the fuel prices were lowered moderately by KES 1 for super petrol and kerosene setting their maximum price at KES 184.52 and KES 154.78 while the price of diesel remain unchanged at KES 171.47 from August’s review.
EPRA Rationale for the Prices
According to the regulator, the new fuel rates reflect adjustments made to shield consumers from effect of high landing costs since as per the EPRA announcement, the average landing cost of imported Super petrol dipped slightly by 0.10% from USD 620.84 per cubic meter in August to USD 620.24 per cubic metre in September. While that of diesel and kerosene went up by 1.57% and 2.97% respectively to USD 623.75 and USD 627.72 per cubic metre respectively.
EPRA also noted that the new fuel prices are inclusive of the 16% Value Added Tax (VAT) in line with the Finance Act 2023, the Tax Laws (Amendment) Act 2024, and inflation-adjusted excise duty rates set under legal notice No.194 2020.
The current rates may not sting consumers much as its an extension of what has been, reflecting some stability in the global oil market. Even though last months slight reduction had offered a small relief to consumers particularly motorists, other sectors also feel the impact of the rates because fuel prices play a key role in Kenya’s inflationary pressures.
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