EPRA Announces Stability in Fuel Prices for March to April

EPRA has announced that fuel prices for March to April will remain unchanged, with Super Petrol at Ksh176.58, Diesel at Ksh167.06, and Kerosene at Ksh151.39. This decision stems from a drop in international oil prices and is compliant with the Finance Act of 2023. The stability is welcomed by consumers, especially motorists, amidst concerns about potential price hikes.

The Energy and Petroleum Regulatory Authority (EPRA) has announced that fuel prices for Super Petrol, Diesel, and Kerosene will remain stable in the upcoming month, reflecting no changes in the March fuel review. The retail prices are confirmed at Ksh176.58 for Super Petrol, Ksh167.06 for Diesel, and Ksh151.39 for Kerosene, effective from March 15 to April 14.

Included in the announced prices is a 16 percent Value Added Tax (VAT), compliant with the Finance Act of 2023 and the Tax Laws (Amendment) Act of 2024. EPRA also reported fluctuations in the average landed costs of petroleum products, noting a 1.34 percent increase in Super Petrol and a 1.41 percent rise in Diesel. In contrast, Kerosene saw a decrease in cost of 1.36 percent.

“Currently, Kenya imports all its petroleum product requirements in refined form and the products are traded in international markets based on a pricing benchmark,” EPRA stated. The regulator highlighted that all transactions are in United States Dollars, affecting how local pump prices are determined following currency conversion between dollars and shillings.

For many motorists, this announcement is favorable, especially after recent concerns of potential fuel price hikes due to reported plans by EPRA to impose new charges. Notably, this decision aligns with a recent decrease in international oil prices, as detailed in the Central Bank of Kenya’s weekly bulletin releasing data indicating a drop in Murban oil prices from Ksh9,928.82 to Ksh9,119.75 per barrel during the last week of February.

In conclusion, EPRA’s announcement of unchanged fuel prices provides relief to consumers, particularly in light of rising international oil prices. The prices remain stable until mid-April, incorporating applicable taxes while reflecting the recent import costs. As the market continues to fluctuate, the public will remain attentive to any forthcoming changes in pricing strategies or regulatory decisions from EPRA.

Original Source: www.kenyans.co.ke