The price of Super Petrol in Kenya increased by 7.63 Kenyan Shillings to land at 122.81 Kenyan Shillings per litre. This development is coming just after the recent review by the Energy and Petroleum Regulatory Authority (EPRA).
The increase in prices also affected Kerosene and Diesel as their prices also increased by 5.41 Kenyan Shillings per litre and 5.75 Kenyan Shillings per litre respectively.
For the period lasting from the 15th of March 2021 to the 14th of April 2021 the retail price for one litre of Kerosene will be 97.85 Kenyan Shillings and the retail price for one litre of Diesel will be 107.66 Kenyan Shillings.
The Acting Director-General of the Energy and Petroleum Regulatory Authority (EPRA); Daniel Kiptoo Bargoria stated that, “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, Diesel and kerosene increase by 7.63 Kenyan Shillings, 5.57 Kenyan Shillings and 5.41 Kenyan Shillings per liter.”
A press release by the Energy and Petroleum Regulatory Authority (EPRA) revealed that the increase in the pump prices is as a result of the increase in costs of importing fuel.
In February of 2021 the average landed costs for a cubic metre of Super Petrol rose by 14.97 percent to 449.83 US Dollars (49,347 Kenyan Shillings) per cubic metre.
The importation costs for Kerosene and Diesel also experienced similar increases with Kerosene rising by 13.26 percent to 393.23 US Dollars (43,137 Kenyan Shillings) and Diesel rising by 12.29 percent to 423.95 US Dollars (46,508 Kenyan Shillings).
The overall increase in pump prices are in line with similar changes in oil prices all over the world. In January of 2021 for instance the price per barrel of Murban Crude Oil stood at 55.27 US Dollars (6,064 Kenyan Shillings) compared to 61.61 US Dollars (6,759 Kenyan Shillings).
The current increase in fuel prices is expected to lead to a similar increase in the cost of transportation for the affected period of time. It is also expected to have a negative effect on the country’s inflation for the month of March 2021.
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