The Energy and Petroleum Regulatory Authority (EPRA) has hiked the prices of petrol, diesel and kerosene by Ksh9.90 per litre.
According to the new adjustment, Super Petrol will now retail at Ksh144.62, diesel at Ksh125.50, and kerosene at Ksh113.44 per litre.
EPRA Director-General Daniel Kiptoo says that, with the absence of the fuel subsidy, super petrol and diesel were to retail at Ksh173 and Ksh144. 62 respectively.
EPRA has attributed the hike to the increase in landed costs of all three products which went up by 20.5 per cent, 24.7 per cent and 11.8 per cent for petrol, diesel and kerosene respectively.
“The Government will utilise the Petroleum Development Levy (PDL) to cushion consumers from the otherwise high prices.
The purpose of the Petroleum Pricing Regulations is to cap the retail prices of petroleum products which are already in the country so that importation and other prudently incurred costs are recovered while ensuring reasonable prices to consumers,” Kiptoo said.
The Free On board (FOB) price of Murban crude oil lifted in March 2022 was posted at USD85.11 per barrel an increase of 14.46 per cent from USD 74.36 per barrel in February 2022.
Over the same period, the mean monthly US Dollar to Kenya Shilling exchange rate depreciated by 0.71 per cent from Ksh113.79 per USD in February 2022 to Ksh114.60 per USD in March 2022.