The Energy and Petroleum Regulatory Authority(EPRA) has increased the price of petrol by 2 shillings while that of diesel and Kerosene remain unchanged.
Petrol will retail at Ksh 179.30 for the next one month while diesel and kerosene will continue to retail at Ksh162 and Ksh 145.94 respectively.
According to EPRA the increase in the price of petrol is as a result of the dominance of the US dollar against the Kenyan shilling.
EPRA noted that the average landing cost of imported Petrol decreased by 0.06 percent from USD659.87 per cubic metre in January 2023 to USD659.47 per cubic metre in February 2023.
“The prices are inclusive of the 8 per cent 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.
“Over the same period, the mean monthly US dollar to Kenya Shilling exchange rate depreciated by 2.56 per cent from Ksh130.64 per dollar in January 2023 to Ksh133.98 per US dollar in February 2023,” EPRA said in a statement.
The dominance of the dollar against the Kenyan shilling is attributed to a number of factors, including inflation and the dollar reserves.
The regulator added that the price of diesel has been cross-subsidized with that of super petrol.
“A subsidy of Sh23.49 per litre has been maintained for kerosene in order to cushion consumers from the otherwise high prices,” EPRA stated.
The announcement by EPRA comes after four months of unchanged fuel prices.