Kenyans are waiting with bated breath to know the new fuel prices the Energy and Petroleum Regulatory Authority (EPRA) will announce today.
During the October review, the agency raised the price of petrol by Sh5.72, diesel by Sh4.48, and kerosene by Sh2.45.
Following the adjustments, petrol retailed at Sh217.36 per litre, diesel at Sh205.47 and kerosene at Sh204.46 per litre in Nairobi.
Last month, the government asked Kenyans to brace for difficult times as fuel prices could soon exceed Sh300 per litre.
When he was confronted with the issue during a Kenya Kwanza Parliamentary Group meeting, President William Ruto said his “hands are tied.”
Interestingly, Tanzania's Energy and Water Utilities Regulatory Authority (EWURA) announced a decrease in the price of petroleum products early this month.
EWURA Director-General James A. Mwainyekule stated that the adjustments in petroleum product prices in November 2023 are primarily attributable to a 5.68% fall in global oil prices.
He added that the changes are also a result of a decrease in premiums for the importation of petroleum products by an average of 13 per cent for PMS (gasoline) and 25 per cent for Automotive Gas Oil (AGO).
On the 14th day of every month, EPRA conducts a review of the fuel prices in the country.
As a result, the authority either announces changes in fuel prices or maintains the existing prices at the pump, a review that serves for a month.
Molo MP Kuria Kimani, who is the National Assembly Finance and Planning Committee chairperson has expressed optimism that the fuel prices will not increase.
Speaking to Citizen on Tuesday, Kimani downplayed Energy Cabinet Secretary Davis Chirchir’s concern that fuel prices may rise to Sh300 per litre as a result of the Israel-Hamas conflict.
EPRA has been attributing the higher prices of fuel to the weakening of the Kenyan currency against the US dollar, an increase in the landed cost of oil, and the implementation of the new Value Added Tax on fuel, which increased from 8 to 16 per cent.
Kenya's fuel prices have been the highest in the East African region for a while now.
