The Energy and Regulatory Commission has announced new fuel price changes that will diesel and Kerosene prices go up while that of Petrol will go down by Ksh 1.06.
The new pump prices which will take effect from Monday the 15th have been amended in accordance with the legal notice number 196 of 2018. Diesel and Kerosene prices will increase by Ksh 1.60 and 43 cents respectively.
The prices are inclusive of the 8 percent VAT as stipulated in Finance Act 2018.
“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 decreases by Ksh 1.06 while Diesel and Kerosene increase by Ksh 1.60 and Ksh 0.43 per litre respectively. The prices are inclusive of Value Added Tax (VAT) at 8% in line with the provisions of the Finance Act 2018.” Said ERC.
The price changes are said to have happened due to the average landing price cost of imported super petrol decreasing by 1.99% from USD 743.85 per ton in August to Ksh 729.04 per ton In September 2018.
Diesel increased by 2.11% from USD 685.95 per ton to 700.41 per ton while kerosene increased by 0.60% from USD 717.30 per ton to USD 721.64.
The Free on Board (FOB) price of Murban Crude oil lifted in September 2018 was posted at USD 80.35 per barrel, an increase of 7.06% from USD 75.05 per barrel in August 2018.
Over the same period the mean monthly exchange rate of the US Dollar to the Kenyan Shilling depreciated by 0.17% from Ksh 100.71 in August 2018 to Ksh 100.88 in September 2018.