BusinessNews

More pain as government increases prices of petrol and diesel by Sh 5.72

Overburdened by a steep rise in the cost of living Kenyans will face more pain after government increased price of petrol and diesel by Sh 5.71.

Petrol will now cost Sh 217.36 in Nairobi while diesel will retail at a high of Sh 205.47 and Kerosene at Sh205.06.

In accordance with Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022, EPRA Kenya has calculated the maximum retail prices of petroleum products, which will be in force from 15th October 2023 to 14th November 2023.

Making the announcement, the Energy and Petroleum Regulatory Authority (EPRA) said the new prices took into account the weighted average cost of imported refined petroleum products.

“The maximum allowed petroleum pump prices in Nairobi are as follows: Super Petrol, Diesel & Kerosene increases by Kshs.5.72, Kshs.4.48 & Kshs.2.45 per litre respectively,” said EPRA DG Daniel Kiptoo.

He said in Nairobi, Super Petrol, Diesel and Kerosene will now retail at Kshs.217.36, Kshs.205.47 & Kshs.205.06 effective midnight for the next 30 days.

Kiptoo said the prices are inclusive of the 16% Value Added Tax (VAT) in line with the provisions of the Finance Act 2023.

He said from the calculations Super Petrol had been projected to increase by Kshs.8.79/litre, Diesel by Kshs.16.12/litre and Kerosene by Kshs.12.05/litre.

However, the Government resolved to cushion consumers from the projected increase through a stabilization mechanism to be funded by the Petroleum Development Levy (PDL) in line with the Petroleum Development Levy, Order of 2020.,

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