By Wamuzi News Ke The Energy and Petroleum Regulatory Authority (EPRA) has confirmed that fuel prices will remain unchanged in its latest pricing review for March.
According to the announcement made on Thursday, the cost of Super Petrol, Diesel, and Kerosene will stay at Ksh176.58, Ksh167.06, and Ksh151.39 per liter, respectively. These rates will be in effect from March 15 to April 14.
EPRA clarified that the set prices include the 16% Value Added Tax (VAT), in line with the Finance Act 2023 and the Tax Laws (Amendment) Act 2024.
The regulator also highlighted slight fluctuations in the cost of imported petroleum products. The average landed price of Super Petrol increased by 1.34% from Ksh81,398.16 per cubic meter in January to Ksh82,488.13 in February. Diesel recorded a 1.41% rise from Ksh86,879.07 to Ksh88,107.55 per cubic meter, while Kerosene saw a 1.36% decline from Ksh88,212.41 to Ksh87,008.52.
EPRA reiterated that Kenya imports all its petroleum in refined form, with pricing determined by global market benchmarks. The agency also noted that fuel transactions are conducted in US dollars, requiring currency conversion for local pricing.
The announcement comes as a relief for many Kenyans, particularly motorists, who had anticipated a price hike following speculation about possible adjustments to cover outstanding payments to oil marketers and transporters.
This price stabilization coincides with a recent dip in global crude oil prices. A report by the Central Bank of Kenya (CBK) on March 7 indicated that Murban oil prices had dropped from Ksh9,928.82 per barrel on February 26 to Ksh9,119.75 on March 6.
The decline in international prices is attributed to ongoing efforts by OPEC+ nations to increase oil production, which has contributed to easing market rates.
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