EPRA Maintains Fuel Prices for March to April 2023

EPRA has confirmed that fuel prices for Super Petrol, Diesel, and Kerosene will remain unchanged from March 15 to April 14, 2023. Super Petrol is priced at Ksh176.58, Diesel at Ksh167.06, and Kerosene at Ksh151.39. The announcement was positively received, especially following prior concerns of impending price hikes.

The Energy and Petroleum Regulatory Authority (EPRA) has announced that fuel prices, including Super Petrol, Diesel, and Kerosene, will remain stable in the March review. Super Petrol will continue to retail at Ksh176.58, Diesel at Ksh167.06, and Kerosene at Ksh151.39. These prices will be effective from March 15 until April 14, 2023.

The established prices embrace a 16 percent Value Added Tax (VAT), consistent with the Finance Act 2023 and the Tax Laws (Amendment) Act 2024. Furthermore, EPRA disclosed that from January to February 2025, the average landed cost of Super Petrol rose by 1.34 percent, while Diesel increased by 1.41 percent. Conversely, the cost of Kerosene decreased by 1.36 percent during the same timeframe.

EPRA pointed out that Kenya imports all petroleum products in refined form, with prices based on international market benchmarks. Additionally, the pricing for these products is done in United States Dollars, which are then converted into Kenya Shillings during the calculation of local pump prices.

The announcement brings relief to many Kenyans, particularly motorists, who were bracing for a price increase due to earlier reports about potential new charges. Earlier this week, it was suggested that EPRA might increase fuel prices to compensate oil marketing firms and transporters. EPRA’s stable pricing aligns with a recent decline in international oil prices. According to a bulletin from the Central Bank of Kenya, Murban oil prices dropped significantly from Ksh9,928.82 per barrel on February 26 to Ksh9,119.75 per barrel by March 6.

In summary, EPRA’s recent announcement confirms that fuel prices will remain unchanged for the upcoming month, providing stability amidst fluctuating international oil markets. This stability comes alongside a slight increase in the average cost of some imported petroleum products, while providing necessary support for motorists and the economy. The decision reflects both current market trends and ongoing concerns regarding pricing strategies.

Original Source: www.kenyans.co.ke