The Energy and Petroleum Regulatory Authority (EPRA) has announced that fuel prices will remain unchanged for the period between January 15 and February 14, 2023,.
As a result, a litre of super petrol will continue to retail at Ksh177.30 in Nairobi while diesel will go for Ksh162 per litre. A litre of kerosene will continue to retail at Ksh145.94.
“The prices are inclusive of the 8% Value Added Tax (VAT) in line with the provisions of the Finance Act 2018, the Tax Laws (Amendment) Act 2020 and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020,” EPRA stated.
EPRA reports that the average landed cost of imported super petrol decreased by 6.19% from US$704.21 per cubic metre in November 2022 to US$660.65 per cubic metre in December 2022 while diesel decreased by 11.08% from US$920.44 per cubic metre to US$818.45 per cubic metre. Kerosene decreased by 4.07% from US$851.31 per cubic metre to US$816,62 per cubic metre.
The price of diesel has been cross-subsidized with that of super petrol while a subsidy of Ksh25.13 per litre has been maintained for Kerosene. The government will utilise the Petroleum Development Levy to compensate oil marketing companies for the difference in cost.
The Free On board (FOB) price of Murban crude oil lifted in December 2022 was posted at US$ 93.53 per barrel an increase of 1.17% from US$ 92.45 per barrel in November 2022.
Over the same period, the mean monthly US Dollar to Kenya Shilling exchange rate depreciated by 3.53% from Ksh124.20 per US$ in November 2022 to Ksh128.58 per US$ in December 2022.