The Energy and Petroleum Regulatory Authority (EPRA) has reduced fuel prices.
The authority’s monthly fuel update shows that petrol has dropped by Sh0.66 and diesel Sh1.12 which leaves the retail prices at Sh182.04 and Sh167.28 respectively in Nairobi.
The price of a liter of kerosene has however increased by Sh0.35 to Sh161.48.
The drop in the average landing cost of imported super gasoline by 1.09 percent from $724.01 per cubic meter in April to $716.15 cubic meter in May 2023 has influenced the drop in fuel retail prices.
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“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 and Diesel decrease by Kshs.0.66 per liter and Kshs.1.12 per litre respectively while Kerosene increases by Kshs.0.35 per liter,” EPRA said in a statement.
“The prices are inclusive of 8% 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.”
The proposed 16% Vat on fuel in the yet to be passed Finance Bill 2023 could however lead to a hike in fuel prices.
