The Energy and Petroleum Regulatory Authority (EPRA) retained fuel prices in August review, in what it said was a move to cushion Kenyans from the high cost of the commodity.
“In order to cushion consumers from the spike in pump prices as a consequence of the increased landed costs, the Government has opted to stabilize pump prices for the August-September 2023 pricing cycle,” read EPRA’s statement on Monday.
When President Wiliam Ruto ascended to the Bill on June 26, EPRA effected the pump price to mirror the 16 percent Value Added Tax (VAT) from the previous 8 percent.
This increased prices by Ksh.13.49 for Petrol, Ksh.12.39 for Diesel and Ksh.11.96 for Kerosene. The August and September price review was expected to hike but the state intervened through the subsidy programme.
“Oil Marketing Companies (OMCs) will be compensated from the Petroleum Development Fund (PDF),” reads EPRA’s statement.