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More Pain At The Pump as Fuel Prices Jump Higher

More Pain At The Pump as Fuel Prices Jump Higher

Posted 3 months ago | By Business Linah Mwangi | 480 Views
Business

Kenyans will have to dig deeper in their pockets after the prices of all three petroleum products went up by Sh9.

According to a statement by Energy and Petroleum Regulatory Authority released on Tuesday, the rise has been caused by an increase in the landed cost of fuel imports in May.

In Nairobi, a litre of Petrol will cost Sh159.12, Diesel (Sh140), and Kerosene (Sh127.94).

EPRA said that the new prices are a result of the rise in global oil prices as well as the depreciated shilling against the dollar. 

"Over the same period, the mean monthly US dollar to Kenya shilling exchange rate depreciated by 0.99 per cent, from Ksh115.74 per dollar in April, to Ksh116.89 per dollar in May," the regulator said.

 According to EPRA, the government's Petroleum Development Levy (PDL) cushioned Kenyans despite the price hike.

Were it not for PDL, Kenyans would be paying Sh184.68 for Petrol, Sh188.19 for Diesel, and Sh170.37 for Kerosene.

The average landed cost of Petrol, for instance, rose by 5.96 percent from May, while the landed cost of diesel and kerosene was up by 10.9 percent, with only kerosene spared having seen a drop of 0.34 percent to landed costs.

Another review of the prices will be on July 14, 2022; the fuel prices can either go up, down or remain the same.

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