EPRA retains prevailing fuel prices supported by stabilization mechanism » Capital News

NAIROBI, Kenya, Aug 14 – Fuel prices will remain unchanged in the month-long period commencing on Sunday, despite the landing cost for petrol, diesel and kerosene increasing by an average of 7.8 per cent. 

The Energy and Petroleum Regulatory Authority (EPRA) on Saturday announced a litre of petrol in Nairobi will retail at Sh127.14, while diesel will cost Sh107.66 per litre.

Kerosene which is mostly used by low-income households for lighting and cooking will retail at Sh97.85 per litre, the agency’s Director-General Daniel Kiptoo announced in a statement.

In Mombasa, super petrol and diesel will retail at Sh124.72 and Sh105.27 respectively while Kerosene will cost Sh95.46.

In Nakuru, the pump prices of super petrol, diesel and kerosene have been set at Sh126.75, Sh107.55 and Sh97.76 per litre respectively.

Motorists in Eldoret, will pay Sh127.67 for diesel, Sh108.46 for diesel and Sh98.68 for kerosene.

The hold in fuel prices came against the backdrop of a recently launched government program dubbed fuel price stabilization fund, amid fears over the increasing cost of fuel due to the rise in global crude prices.

“The prices are inclusive of the 8 per cent Value Added Tax (VAT) in line with the provisions of the Finance Act 2018, the Tax Laws (Amendment) Act 2020 and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020,” said Kiptoo.

In June crude prices soared to highest levels in three years as a result of production cuts by Opec nations and COVID-19 vaccine roll out in different countries.

The National Treasury set aside Sh1.4 billion for the operations of the fuel price stabilization mechanism in the second 2020/21 supplementary budget estimates.