More pain at the pump as fuel prices go up, again

A motorist fuels at Rubis Petrol Station along Koinange Street, Nairobi. [Elvis Ogina, Standard]

Kenyans will continue feeling the pinch, following a review of fuel prices by the Energy and Petroleum Regulatory Authority (EPRA).

The price of petrol has now gone up by Sh5.72 per litre, diesel has increased by Sh4.48 per litre, and Kerosene up by Sh2.45 per litre, effective midnight.

This means petrol will now retail at Sh217.36 per litre, diesel to sell at Sh205.48 per litre, and Kerosene at Sh204.58 in Nairobi.

The new prices will be in effect until November 14.

This is the second time pump prices have stayed above the Sh200 mark, after last month’s review.

Former Trade Cabinet Secretary Moses Kuria had hinted that the prices will keep increasing until February 2024.

Despite the increase, the government says it is using a Petroleum Development Levy (PDL) to cushion Kenyans.

“In order to cushion consumers from the spike in pump prices as a consequence of the increased landed costs, the Government has opted to stabilize pump prices for the October - November 2023 pricing cycle." 

"Oil Marketing Companies (OMCs) will be compensated for the under-recovery of costs from the Petroleum Development Levy (PDL) in line with the PDL, Order of 2020,” said EPRA.

Business
Media and Artificial Intelligence
Business
Premium Parliament wants Sh6b Uhuru maize subsidy scheme probed
Business
Premium How fading boda boda boom is spawning bloodshed in villages
Business
Premium Fintech wave: Internet access spurs Kenya digital innovation