EPRA Maintains Fuel Prices Amid Fluctuating Oil Costs
EPRA has announced that fuel prices for Super Petrol, Diesel, and Kerosene will remain unchanged from March 15 to April 14 at Ksh176.58, Ksh167.06, and Ksh151.39 respectively. The prices include a 16% VAT and reflect the recent increases in landed costs for Super Petrol and Diesel, while Kerosene prices decreased. This decision follows a drop in international oil prices.
On Thursday, the Energy and Petroleum Regulatory Authority (EPRA) announced that the fuel prices for March to April will remain steady. The retail prices will be Ksh176.58 for Super Petrol, Ksh167.06 for Diesel, and Ksh151.39 for Kerosene, as confirmed in their latest fuel review.
These prices will be effective from March 15 to April 14, and they include a 16% Value Added Tax (VAT) as mandated by the Finance Act 2023 and the Tax Laws (Amendment) Act 2024. EPRA highlighted changes in the landed costs of imported fuels, noting a rise for Super Petrol and Diesel, while Kerosene saw a slight decrease.
The average landed cost for Super Petrol increased by 1.34% from Ksh81,398.16 to Ksh82,488.13 per cubic metre, and Diesel rose by 1.41% from Ksh86,879.07 to Ksh88,107.55. In contrast, Kerosene fell by 1.36% from Ksh88,212.41 to Ksh87,008.52.
EPRA reiterated that Kenya imports all its petroleum products in refined form, with pricing influenced by international markets. Oil is traded in U.S. Dollars, and the local pump prices reflect the exchange rate from Dollars to Kenyan Shillings.
The maintenance of fuel prices has been positively received by Kenyans, particularly drivers who were bracing for a price hike amid reports of potential new fees by EPRA. This decision comes following a reduction in international oil prices, with a significant drop in Murban oil prices reported by the Central Bank of Kenya.
As per the latest data from March 6, Murban oil prices fell to Ksh9,119.75 per barrel from Ksh9,928.82 on February 26, a change attributed to OPEC+ plans to increase oil output, according to the Central Bank.
The EPRA’s announcement of unchanged fuel prices for March to April comes as a relief for consumers amid fluctuating international oil costs. The organization’s commitment to maintaining prices, coupled with recent decreases in oil prices, reflects the broader impacts of market conditions on local fuel pricing. It is crucial for consumers to stay informed about these changes as they greatly affect transportation and other sectors reliant on fuel.
Original Source: www.kenyans.co.ke
