In a move that is bound to weigh heavily on the pockets of Kenyan citizens, the Energy and Petroleum Regulatory Authority (EPRA) has just announced new fuel prices set to take effect from the 15th of September 2023 until the 14th of October 2023.
EPRA has released an update on fuel prices, revealing the following adjustments: Super petrol has increased by Ksh 16.96, Diesel has risen by Ksh 21.32, and Kerosene has surged by Ksh 33.13.
For motorists and consumers across the nation, the news is far from reassuring as the maximum retail prices of petroleum products have taken a sharp upward trajectory. Nairobi, the capital city, has been particularly affected by this price hike, leaving many to brace themselves for the economic impact it will bring.
Here’s a breakdown of the grim statistics: Super Petrol will see a steep increase of Kshs.16.96 per litre, Diesel is no better off with a substantial rise of Kshs.21.32 per litre, and Kerosene, the often relied upon source of energy for many households, will surge by an alarming Kshs.33.13 per litre. Effective midnight, Super Petrol, Diesel, and Kerosene will now retail at Kshs.211.64, Kshs.200.99, and Kshs.202.61 per litre respectively in Nairobi.
These new prices, inclusive of the 16% Value Added Tax (VAT), align with the provisions set forth in the Finance Act of 2023, the Tax Laws (Amendment) Act of 2020, and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020.
The timing of these price increases couldn’t be more unwelcome, given the ongoing economic challenges faced by many Kenyans. The surge in fuel prices is expected to ripple through the broader economy, affecting transportation costs, household expenses, and the overall cost of living.
The EPRA’s announcement has left many Kenyans grappling with the prospect of tighter budgets and tougher financial decisions in the months ahead. As fuel costs continue to soar, it remains to be seen how citizens and businesses will adapt to these new economic realities.
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