The Energy and Petroleum Authority (EPRA) announced that the price of diesel would be retained at Sh110.60, petrol Sh129.72 and Kerosene Sh103.54.
Kenyans saved from paying upto Sh133 per litre for fuel
Global oil prices hit, Sh10,861 per barrel, the highest since 2014.
The prices per litre are effective from February 15 to March 14 and remain the same as the last review period.
According to the EPRA, the prices were unchanged despite an increase in fuel landing costs to save Kenyans from paying more at the pump.
"The government will utilise the Petroleum Development Levy to cushion consumers from the otherwise high prices,” a statement from the authority read in part.
In the absence of the subsidy, consumers would have paid Sh133.89 for a litre of diesel, while kerosene and petrol costs were reduced by Sh15.88 and Sh14.53 respectively.
Kenya implemented the subsidy on April 14, 2021, as part of attempts to quell public outrage over the expensive cost of fuel which trickled down to other necessities.
In many countries, fuel costs have reached a new all-time high, creating a dent in the pockets of consumers.
Oil prices reached $95.56 per barrel on Monday, the highest level since 2014. The wholesale price of fuel has been rising as a result of fears that Russia may invade Ukraine.
In September 2021, EPRA Director General Daniel Kiptoo also blamed Kenya’s Legislature over the high cost of fuel due to taxes.
“The biggest contributor to fuel prices is taxes, which are not under EPRA. These are under the purview of policy makers namely, the Petroleum Ministry, the National Treasury and MPs,” Kiptoo said.
He also noted that global fuel prices were increasing and predicted that the landing cost of fuel would also shoot up.
Kenya Association of Manufacturers Chair Muchai Kunyiha had also said that it was pretentious of MPs to blame EPRA over the high cost of fuel.
“With all due respect, Parliamentarians are being disingenuous. EPRA is following a formula set in law. So the people that made the law are the one who should be answering how they came up with it,” he spoke during an interview with NTV.
JOIN OUR PULSE COMMUNITY!
Eyewitness? Submit your stories now via social or: