• Advertise with Us
Monday, December 4, 2023
  • Login
No Result
View All Result
NEWSLETTER
Kenyan Wallstreet
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Technology
    • Startups
  • Money Matters
  • Podcast
  • Videos
  • Digital Assets
  • Calendar
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Technology
    • Startups
  • Money Matters
  • Podcast
  • Videos
  • Digital Assets
  • Calendar
No Result
View All Result
Kenyan Wallstreet
No Result
View All Result

Fuel Prices Rise to an all-Time High in Latest EPRA Review

Leah WakarimabyLeah Wakarima
March 15, 2022
in Energy, Kenyan News
Reading Time: 4 mins read
Fuel prices

Fuel prices have risen for the first time since November last year with the cost of petrol increasing to Sh 134.72 compared to Sh129.72 in the previous month.

In the latest review by the Energy and Petroleum Regulatory Authority (EPRA), the cost of diesel will also increase by Sh5 to Sh115.60 while the price of Kerosene will remain unchanged at Sh103.54.

ADVERTISEMENT

The average landed cost of imported super petrol increased by 13.34 percent from USD 596.79 per cubic metre in January 2022 to USD 676.40 per cubic metre in February 2022; Diesel increased by 11.74 per cent from USD 606.16 per cubic metre to USD 677.31 per cubic metre.

The landing cost of kerosene also increased by 15.94 percent from USD 534.38 to USD 619.57 per cubic metre.

The State partially withdrew the fuel subsidy imposed last year, sending diesel and petrol prices to an all-time high in the first increase since October.

The Treasury said it will pay marketers an estimated Sh9.75 billion to curb a sharp rise in fuel prices in the wake of the Russia-Ukraine war, which has triggered a rally in commodities like crude oil and crippled the subsidy scheme.

According to EPRA, the government will utilize the Petroleum Development Levy to cushion consumers from the otherwise high prices.

In Mombasa, Super Petrol will retail at Sh132.46, diesel Sh133.36 and kerosene at Sh101.29 while in Nakuru, Super petrol will retail at sh134.24, Diesel Sh115.43 and Kerosene at sh103.39.

For those in Kisumu, Super petrol will retail at sh135.13, Diesel Sh116.30 and Kerosene at sh104.26.

The National Assembly Committee on Finance in October 2021 recommended a reduction on taxes and levies through tax law amendments to cushion Kenyans from the spike in fuel prices in the recent months.

The committee tabled a report before the House seeking to reduce the Petroleum Development Levy charged on Super Petrol and Diesel from sh5.40 to sh2.90.

Fuel prices have hit a new record high at the pump in many countries, tightening the squeeze on consumers.

The pump prices are driven largely by the wholesale price of energy, which has shot up amid fears of global economic shocks from Russia’s invasion of Ukraine.

Oil prices soared after Russia invaded Ukraine, with the price of Brent crude oil — the global benchmark for prices — hitting a near 14-year high of $139 per barrel at one point.

However, in the past few days, the price of oil has dropped as fears that the European Union would follow the US and Canada in banning Russian oil have eased. Brent crude was down at $109 per barrel early on Monday.

US Secretary of State Antony Blinken said the United States and European allies were exploring banning imports of Russian oil, while the White House was coordinating with Congress committees to move forward with a US ban.

Analysts at Bank of America said if most of Russia’s oil exports were cut off, there could be a five million barrel per day (bpd) or larger shortfall, pushing prices as high as $200.

This has the potential to drive Kenya’s pump prices upward and overwhelm the current State-backed subsidy that has kept pump prices unchanged for the fourth month in a row.

The costs of energy and transport have a significant weighting in the basket of goods and services that is used to measure inflation in Kenya.


Previous Post

Nigeria’s Moove Raises $105 Million in Series A2 Funding

Next Post

Toyota Kenya Rebrands to CFAO Motors Limited Kenya

Related Posts

Equity Group CEO James Mwangi.

Equity Group Completes Acquisition of Rwandan Bank

December 2, 2023
Bigstore

Bigstore Secures Funding, Expands eCommerce Services

December 2, 2023

Kenya’s Inflation Rate Dropped Marginally in November

December 1, 2023

Bamburi Discontinues Ordinary Portland Cement, Pushes Greener Products

December 1, 2023

African Experts Call for New Paradigm to Unlock Methane Action Financing

November 30, 2023

Kenya Signs Food MoU, Targets to Cut Imports by US$200M Per Year

November 30, 2023

Diaspora Capitalizes on Weak Shilling with Real Estate

December 1, 2023

Sameer Issues Profit Warning, Plans to Retire Foreign-Currency Dominated Liabilities

November 30, 2023
Load More
Next Post
Toyota kenya

Toyota Kenya Rebrands to CFAO Motors Limited Kenya

Follow Us

  • 167.4k Followers
  • 4.1k Subscribers
  • 1.2k Followers

WhatsApp

Subscribe

Telegram  

Subscribe

Podcasts

Featured

No Content Available

About Us

We are a leading integrated digital content platform providing in-depth business and financial news across Sub-Saharan Africa & the globe.

Contact Us

Kenyan Wall Street
Email: [email protected]
Website: www.kenyanwallstreet.com

Disclaimer

The information contained in this website is for general information purposes only.
Read more..

  • Advertise with Us

Copyright 2023. The Kenyan Wall Street LTD. All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Aviation
    • Banking
    • Energy
    • Infrastructure
    • Insurance
    • Investment
    • Manufacturing
    • Markets
    • Public Policy
    • Real Estate
    • Startups
    • Technology
  • Podcast
  • Videos
  • Events

Copyright 2023. The Kenyan Wall Street LTD. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In