The Energy Regulatory Commission (ERC) raised the prices of a litre of super petrol up by KSh2.38 per litre and will for the next 30 days retail at KSh118.11 in Nairobi and KSh115.48 in Mombasa. Diesel also increased by KSh3.11 and Kerosene by KSh2.99 per litre.
ERC Director General Robert Oimeke said the increase in fuel prices is a reflection of higher costs of the imported fuel bill which increased by 4% for petrol in October from $729.04 per ton in September to $758.34 per ton in October 2018.
“Over the same period, the mean monthly US Dollar to Kenya Shilling exchange rate depreciated by 0.28 percent from KSh 100.88 per dollar in September 2018 to KSh 101.16 per dollar in October 2018,” said Oimeke.
The prices are inclusive of VAT of 8 percent in line with the provision of the Finance Act 2018.
Read: Raise in Fuel Tax Will Slow Kenya’s Economic Growth, Analysts Think Otherwise
Fuel prices up weighed by cost of the imported products
By Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.