Nairobi — The Energy and Petroleum Regulatory Authority (EPRA) has revised fuel upwards with Petrol soaring by Sh5.72 per litre, Diesel (Sh 4.48) and Kerosene (Sh 2.45).

This means that a liter of petrol, diesel, and kerosene now retail at Sh217.36, Sh 205.47, and Sh205.06 per liter in Nairobi.

EPRA said it took into account the weighted average cost of imported refined petroleum products in the review.

"The average landed cost of imported Super Petrol increased by 3.93% from US$774.67 per cubic metre in August 2023 to US$805.14 per cubic metre in September 2023; Diesel increased by 7.07% from US$789.89 per cubic metre to USS845,72 per cubic metre while Kerosene increased by 5.01% from US$827.26 per cubic metre to US$868.70 per cubic metre," said the regulator.

The new prices are inclusive of the 16% Value Added Tax (VAT) in line with the provisions of the finance Act 2023, the Tax Laws (Amendment) Act 2020 and the revised rates for Excise duty adjusted for inflation as per Legal Notice No. 194 of 2020.

Price stabilization

In order to cushion consumers from the spike in pump prices as a consequence of the increased landed costs, EPRA said that the government had opted to stabilize pump prices for the October-November 2023 pricing cycle.

Oil Marketing Companies (OMCs) will be compensated for the under recovery of costs from the Petroleum Development Levy (PDL) in line with the PDL, Order of 2020.

The energy sector regulator assured the public of its continued commitment to the observance of fair competition and protection of the interests of both consumers and investors in the energy and petroleum sectors.

Fuel is a key cog in various sectors, including transportation, industries, and homes, and a slight rise can have a negative impact on them.

An increase in prices means that the above players will be forced to pass on extra costs to consumers, coming at a time when the majority of them are facing tough economic times amid high costs of living.