The Energy and Petroleum Regulatory Authority (EPRA) announced that fuel prices for Super Petrol, Diesel, and Kerosene will remain unchanged from the July-August cycle.
This comes after the government made efforts to offset the increased costs faced by oil marketers through the Petroleum Development Fund (PDF). Effective midnight, the rates in Nairobi will stand at Ksh194.68 for Super Petrol, Ksh179.67 for Diesel, and Ksh169.48 for Kerosene.
Addressing the concern of rising pump prices due to heightened landed costs, Kiptoo Bargoria, the Director General of the Energy and Petroleum Regulatory Authority, highlighted the government’s commitment to stabilizing prices for the August-September 2023 pricing cycle.
Bargoria emphasized that this stabilization measure would ensure that consumers are shielded from the impact of elevated costs.
To implement this stability strategy, the government will be compensating oil marketers from the Petroleum Development Fund. The reimbursement scheme involves payments of Ksh7.33 per litre of Super Petrol, Ksh3.59 per litre of Diesel, and Ksh5.74 per litre of Kerosene.
This move follows a series of fuel price hikes that commenced on May 14th, leading to an increase of Ksh3.40 per litre for Super Petrol, Ksh6.40 per litre for Diesel, and a significant rise of Ksh15.19 per litre for Kerosene.
Subsequently, the fuel price surge was compounded by the government’s decision to double the value-added tax (VAT) rate from 8.0 percent to 16.0 percent.
As of the August 14th, 2023 review, Super Petrol in Mombasa will retail at Ksh191.62 per litre, Diesel at Ksh176.63 per litre, and Kerosene at Ksh166.43 per litre. In Nakuru, the rates will be Ksh193.77 for Super Petrol, Ksh179.14 for Diesel, and Ksh168.99 for Kerosene per litre.
Eldoret residents should expect prices of Ksh194.53 for Petrol, Ksh179.89 for Diesel, and Ksh169.75 for Kerosene per litre. Meanwhile, in Kisumu, Super Petrol will be priced at Ksh194.52, Diesel at Ksh179.89, and Kerosene at Ksh169.74.
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Overall, the government’s decision to stabilize fuel prices for the upcoming cycle while compensating oil marketers aims to provide relief from the financial strain on consumers caused by rising costs. This reflects a joint effort to balance economic factors and consumer welfare.