Petrol Prices Hit Kes 122.8 Following a Leap in March Pump Prices
Super Petrol prices rose by Kes 7.63 to retail at Kes 122.81 per litre following the latest Energy and Petroleum Regulatory Authority (EPRA) review. The hike in pump prices also affected Diesel and Kerosene, whose prices leapt by Kes 5.75 and Kes 5.41 per litre respectively.
In Nairobi, a litre of Diesel will retail at Kes 107.66 while that of Kerosene will retail at Kes 97.85 for the period between March 15 and April 14 2021.
“Taking into account the weighted average cost of imported refined petroleum products, the changes in the maximum allowed petroleum pump prices in Nairobi are as follows: Super Petrol, Diesel and kerosene increase by Kes 7.63, Kes 5.57 and Kes 5.41 per litre,” said EPRA Acting Director-General Daniel Kiptoo Bargoria.
According to a press release by the regulator, the increase in pump prices is because of risen imported costs for fuel. Average landed costs for a cubic meter of super Petrol increased by 14.97% to $449.83 per cubic metre in February. Similarly, Import costs for Diesel and Kerosene also showed similar trends, rising by 12.29% and 13.26% to $423.95 and $393.23 respectively.
Overall, the surge in pump prices corresponds to global shifts in oil prices. In January, the price per barrel of Murban crude oil cost $55.27, compared to $61.61 mo.
The increase in fuel prices is likely to increase the cost of transport for the month, pushing Kenya’s inflation for the month of March.