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Gov’t explains why petrol prices have shot up today

Kenyan to pay more for Petrol and Diesel

The Energy and Petroleum Regulatory Authority (EPRA) on Friday announced an increase in the price of a litre of petrol and diesel by Sh3.07 and Sh0.39 respectively.

The authority explained that the increase had been caused by a spike in the average landed cost of the commodities per cubic metre.

The average landed cost includes the original price of the product, all transportation fees (both inland and ocean), customs, duties, taxes, insurance, currency conversion, crating, handling and payment fees.

An attendant pumps fuel into a car
An attendant pumps fuel into a car

“This month’s changes are as a consequence of average landed cost of imported Super Petrol increasing by 4.54% from US$514.72 per cubic metre in April 2019 to US$538.08 per cubic metre in May 2019.

“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 and Diesel increase by Sh3.07 and Sh0.39 per litre respectively,” a notice from EPRA read in part.

New fuel prices in Nairobi for June 2019

A litre of petrol will now retail at a maximum of Sh112.03 while diesel will retail at a maximum Sh104.37 in Nairobi.

The prices will be in effect until July 14 when the authority will revise them again according to market trends.

EPRA explains why petrol prices have hit Sh116 in Nairobi for June 2019
EPRA explains why petrol prices have hit Sh116 in Nairobi for June 2019

[source: https://www.pulselive.co.ke/news/epra-explains-why-petrol-prices-have-hit-sh116-in-nairobi-for-june-2019/gpeh4dn]

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