More pain at the pump as fuel prices increase
Kenyans will have to dig deeper into their pockets to purchase fuel after the Energy and Petroleum Regulatory Authority (EPRA) announced substantial increases in fuel prices, compounding the financial burdens already faced by citizens.
These price hikes, effective immediately, are set to impact consumers across the country.
Petrol prices have surged by Sh5.72 per litre, reaching a staggering Sh217.36 per litre in Nairobi.
Meanwhile, diesel will see an increase of Sh4.48, now retailing at Sh205.47 per litre, while kerosene is not spared, as it faces a price increase of Sh2.45, leaving consumers to pay Sh205.06 per litre.
EPRA attributes higher prices to an increase in the average landed cost of imported super that went up by 3.93 percent to $805.14 in September from the previous month.
“Taking into account the weighted average cost of imported refined petroleum products, the changes in the maximum allowed petroleum pump prices in Nairobi are as follows: Super Petrol increases by KShs.5.72 per litre, Diesel increases by KShs.4.48 per litre and Kerosene increases by KShs.2.45 per litre,” EPRA announced on its X page.
“The prices are inclusive of the 16% Value Added Tax (VAT) in line with the provisions of the Finance Act 2023, the Tax Laws (Amendment) Act 2020 and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020,” it added.
Fuel prices hit historic highs last month after the state introduced an additional eight percent value-added tax (VAT) to 16 percent, pushing commodity prices to historic highs.
The EPRA’s decision to increase fuel prices is attributed to fluctuations in global oil prices and other factors influencing the energy market.
The rising fuel prices are also anticipated to have a ripple effect on transportation costs, subsequently affecting the prices of goods and services. This will pose a further challenge to consumers already struggling to make ends meet.
However, it remains crucial for the government to closely monitor and address the escalating cost of living for the welfare of the common wananchi.
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