HomeNEWSBUSINESSPetroleum Levy Saves Kenyans From Fuel Prices Hike Ahead Of Festivities

Petroleum Levy Saves Kenyans From Fuel Prices Hike Ahead Of Festivities

The Energy and Petroleum Regulatory Authority (EPRA) has left the fuel prices unchanged for the second month in a row, for the period of December 15, 2021 to January 14, 2022.

The pump prices will remain at Ksh129.72 and Ksh110.60 per litre of super and diesel respectively in Nairobi. Kerosene to retail at Ksh103.54.

The move to keep prices unchanged came despite a rise in the cost of importing refined fuel at the back of the global rally in Murban costs. The Government will utilise the Petroleum Development Levy to cushion consumers from the otherwise high prices.

The Free On board (FOB) price of Murban crude oil lifted in November 2021 was posted at US$ 73.41 per barrel an increase of 5.28 percent from US$ 69.73 per barrel in October 2021.

Over the same period, the mean monthly US Dollar to Kenya Shilling exchange rate depreciated by 1.11 percent from Ksh111.10 per US$ in October 2021 to Ksh112.33 per US$ in November 2021.

The prices are inclusive of the eight percent 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 average landed cost of imported Super Petrol increased by 3.59 percent from US$ 606.06 per cubic metre in October 2021 to US$ 627.80 per cubic metre in November 2021; Diesel increased by 6.98 percent from US$ 561.06 per cubic metre to US$ 600.22 per cubic metre while Kerosene increased by 15.78 percent from US$ 522.06 per cubic metre to US$ 604.43 per cubic metre.

Read: Kenya Commits To Remove Biomass Fuels By 2028

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