Motorists to pay more at pump as fuel prices go up
Fuel prices increased are adjusted upwards at Kenol Petrol Station in Eldoret town, Uasin Gishu County, following a review on April 15, 2019. PHOTO | JARED NYATAYA | NATION MEDIA GROUP
Motorists will pay more for petrol and diesel in the latest monthly review by the energy regulator.
The Energy and Petroleum Regulatory Authority (EPRA) on Friday increased the price of a litre of super petrol by Sh3.07 and that of diesel by Sh0.39, stating the prices were inclusive of the eight percent Value Added Tax (VAT).
The regulator, however, announced a decrease in kerosene prices by Sh0.34 per litre.
The EPRA's Director-General Robert Oimeke explained that the changes were the result of an increase in the average landed cost of imported super petrol by 4.54 percent, from $514.72 per cubic meter in April to $535.08 in May.
The cost of diesel increased by 0.52 percent, from $533 to $535.84 per cubic meter, while that of kerosene decreased by 0.43 percent, from $535.17 to $532.89 per cubic meter.
The latest hike reflects rising global oil prices since January. The price of crude oil hit $66.35 per barrel in February.
The EPRA review depends on the average landed cost of imported oil, the Free On Board (FOB) price of Murban crude oil as well as the mean monthly dollar-to-shilling exchange rate.
The shilling appreciated by 1.12 percent against the dollar, to 101.17 in February.
