Home Business news Government announces major drop in fuel price

Government announces major drop in fuel price

It is a  relief for Kenyan car owners and drivers after the Energy and Petroleum Regulatory Authority (EPRA) announced yet another major drop in fuel prices.

However, it will be different for the ‘local mwananchi’ who regularly uses kerosene as kerosene price goes up.

The prices of Diesel and Super Petrol have been cut by Sh19.9 and Sh9.54, respectively, with that of kerosene up by Sh2.49.

Following the changes, the new retail prices in Nairobi will be Sh83.3, Sh75.86, and Sh79.77 for Super Petrol, Diesel, and Kerosene, respectively.

In Mombasa, however, the retail prices will be Sh90.85, Sh75.88, and Sh77.29 for Super Petrol, Diesel and Kerosene, respectively.

In Nakuru, the prices will always be the same as Nairobi with Super Petrol going for Sh83.22, Diesel Sh78.41, and Kerosene Sh79.81.

The announced new prices will take effect between Friday, May 15, and June 14.

The changes were made in accordance with the Tax Laws (Amendment) Act of 2020.

The new law also provides for other fuel levies, including regulatory fees to be included in the calculation of VAT, road maintenance, and railway development.

According to the EPRA, In the period between April 15 and May 14, Super Petrol, Diesel, and Kerosene retailed at Sh92.87, Sh97.56, and Sh77.28, respectively, in Nairobi.

On Wednesday, May 13, EPRA turned down oil marketers and retailers’ proposal to hike the fuel prices.

They had called on the government to base their indexes on the March crude oil prices, which cost about Sh3, 727 per barrel, rather than approximately Sh2, 769 for April.

The oil retailers argued that it was a challenge for them to offload 40 percent of the costly fuel they purchased in March as a result of the stringent Covid-19 restrictions, such as the ongoing dusk to dawn curfew.

Petroleum Principal Secretary Andrew Kamau said that fuel pricing in Kenya is guided by the law and not at anyone’s decision.

“The formula is even audited, and EPPRA can’t just change it due to some request from marketers,” he said.

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