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Saturday, July 1, 2023 –Fuel prices have gone up again as the Energy regulator EPRA reviews prices over the newly-signed into law Finance Bill 2023.
The Energy and Petroleum Regulatory Authority EPRA, on Friday, 30, announced new fuel prices for July this year 2023.
This increase, according to EPRA, was triggered by the new VAT rates which moved from 8 percent to now 16 percent being double the normal.
Cross check with a few pumps around Nairobi, showed that the new prices for super petrol is now sh 195.53 per litre, Diesel sh 179.67 and Kerosene sh 173.44 per litre.
“Pursuant to the Finance Act, 2023, the Value Added Tax (VAT) on Super Petrol, Diesel and Kerosene have been revised from 8 to 16 per cent effective July 1, 2023.
“Accordingly, the Energy Petroleum Regulatory Authority (EPRA) has recalculated the maximum pump prices that will be in force from July 1 to July 14, 2023, taking into account VAT at 16 per cent,” the EPRA statement read in part.
EPRA Director-General Daniel Kiptoo Bargoria would then emerge with an explanation on why these changes were being put to effect immediately.
Kiptoo explained that the changes in the maximum allowed petroleum pump prices in Nairobi, including Super Petrol, Diesel and Kerosene, increased by sh 13.49 per litre, sh 12.39 per litre and sh1 1.96 per litre respectively according to the new market rates.
EPRA said that the Petroleum Pricing Regulations aim to cap the retail prices of petroleum products already in the country, ensure importation and other prudently incurred costs are recovered, and reasonable prices pushed to consumers.
