The regulatory Energy and Petroleum Regulatory Authority(EPRA) has held the pump prices of Super Petrol, Diesel and Kerosene during its latest review, covering the period between 15th July and 14th August 2021.
The price of Murban crude oil lifted in June 2021 was posted at US$ 63.35 per barrel, a decrease of 6.44% from US$ 67.71 per barrel in May 2021.
These prices are inclusive of the 8% Value Added Tax(VAT) as well as the Finance Act 2018 and relevant tax laws.
EPRA held prices unchanged despite increased landed cost of imported crude
EPRA has held pump prices unchanged even though the average landed cost of imported Super Petrol increasing by a massive 4.83% from US$ 496.10 per metre cubic in May 2021 to US$ 520.04 last month.
Diesel prices went up 3.69% from US$ 461.95 per cubic metre to US$ US$ 479.01 per metre cubic.
EPRA said that no kerosene vessel was discharged at the Port of Mombasa during the period under consideration.
At the same time, the Kenya Shilling lost its strength against the US dollar by 0.20%, from KSh 107.61 in May to KSh 107.82 per US$ in June 2021.
This fall in fuel prices at the pump in Kenya happens when there is an unresolved dispute between two big oil producers in OPEC– Saudi Arabia and United Arab Emirates(UAE).
Oil prices have declined in recent days with fears that a price war between Saudi Arabia and UAE could lead to others increasing production to grab more market share, driving down crude oil prices.