A section of Kenyan motorists will be forced to pay more at the fuel pumps after the Energy and Petroleum Regulatory Authority (EPRA) increased the price of Super Petrol in their latest monthly review of maximum retail prices of petroleum products, which will be in force from March 15, 2023, to April 14, 2023.
During the period under review, the maximum allowed petroleum pump price of Super Petrol increases by Sh2.00 per litre, while that of Diesel and Kerosene remain unchanged.
The prices are inclusive of the 8 per cent 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 decreased by 0.06 per cent from US$659.87 per cubic metre in January 2023 to US$659.47 per cubic metre in February 2023; Diesel decreased by 2.52 per cent from US$779.49 per cubic metre to US$759.88 per cubic metre while Kerosene decreased by 1.51 per cent from US$774.99 per cubic metre to US$763.28 per cubic metre.
The price of diesel has been cross subsidized with that of Super Petrol while a subsidy of Sh23.49 per litre has been maintained for Kerosene to cushion consumers from the high prices.
The Free On board (FOB) price of Murban crude oil lifted in February 2023 was posted at US$ 80.11 per barrel a decrease of 11.87 per cent from USS 90.90 per barrel in January 2023.
Over the same period, the mean monthly US Dollar to Kenya Shilling exchange rate depreciated by 2.56 per cent from Sh130.64 per USS in January 2023 to Ksh. 133.98 per US$ in February 2023.
The change in the price of Super Petrol comes as the country is experiencing tough economic times caused by several prevailing factors and citizens are complaining about the high cost of living as they cannot afford basic needs.