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No Relief For Struggling Kenyans As Government Announces an Increase in Fuel Prices

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Kenyans have another reason to be angry after the government through EPRA increased the fuel price to record high price just days after the budget was read. The new prices will function between 15TH JUNE 2021 TO 14TH JULY 2021. 

"In accordance with Section 101(y) of the Petroleum Act 2019, Legal Notice No.196 of 2010 and Legal Notice No. 26 of 2012, the Energy & Petroleum Regulatory Authority (EPRA) has calculated the maximum retail prices of petroleum products, which will be in force from 15th June 2021 to 14th July 2021.

In the period under review, the price for Super Petrol increases by Kshs 0.77 per liter while that of Diesel and Kerosene remain unchanged." Read part of the media statement 

It is important to note the prices are inclusive of the 8% Value Added Tax (VAT) in line with the provisions of the Finance Act 2018, the Tax Laws (Amendment) Act 2020, and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020.

The average landed cost of imported Super Petrol increased by 1.52% from US$ 488.69 per cubic metre in April 2021 to USS 496.10 per cubic metre in May 2021; Diesel increased by 5.08% from US$ 439.60 per cubic metre to US$ 461.95 per cubic meter while Kerosene increased by 441% from US$ 430.40 per cubic metre to US$ 449.37 per cubic metre.

The Free Onboard (FOB) price of Murban crude oil lifted in May 2021 was posted at US$ 67.71 per barrel an increase of 5.90% from US$ 63.94 per barrel in April 2021. Over the same period, the mean monthly US Dollar to Kenya Shilling exchange rate appreciated by 0.21% from Kshs. 107.84 per US$ in April 2021 to Kshs. 107.61 per US$ in May 2021.

Meanwhile, share with us your thoughts on the matter kindly. 

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