Petrol prices reduce by Ksh 1
Petrol prices on Saturday, October 15, 2022, will retail at Sh1 per litre lower.
In a statement issued by the Energy and Petroleum Regulatory Authority (EPRA) on Friday, October 15, 2022, the costs of diesel and kerosene will come down by Sh2 and Sh1 respectively.
The cost of Super Petrol will be Sh178.30 in Nairobi as diesel costs will fall to Sh163. Also, the cost of Sh146.94 per litre.
This comes at a time when the Government under the leadership of President William Ruto pledges to end the costly subsidies by the end of September but this has never happened.
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It means that petrol consumers are to carry the burden of subsidizing the cost of diesel and kerosene.
According to new data from EPRA on the price stabilization mechanism, petrol users will pay Ksh.7.48 to subsidize the cost of diesel and kerosene as the stabilization of diesel and kerosene stands at a deficit of Ksh.4.44 and Ksh.13.06 respectively.
“Taking into account the weighted average cost of imported refined petroleum products and in line with Government policy, the changes in the maximum allowed petroleum pump prices in Nairobi are as follows: Super Petrol, Diesel and Kerosene decrease by Kshs1 per litre, Kshs2 per litre and Kshs1 per litre respectively,” the statement read in part.
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“A subsidy of Ksh.18.15 per litre and Ksh.27.47 per litre has been maintained for diesel and kerosene respectively in order to cushion consumers from otherwise high prices,” it further read.
EPRA said that they are inclusive of the 8 per cent Value Added Tax (VAT) in line with the provisions of the Finance Act 2018, the Tax Laws Act 2020 and the revised rates for excise duty that was adjusted for inflation in 2020.
Last month, super petrol prices rose by Ksh.20.18 per litre on the complete withdrawal of subsidies on the product.
Meanwhile, consumers were spared from an even larger increase from the partial retention of subsidies on diesel and kerosene whose prices rose by Ksh.25 and Ksh.20 per litre.
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