Petrol prices down in new ERC review

The price of super petrol has dropped by Ksh.2.21 in the latest review announced by the Energy Regulatory Commission (ERC) on Friday.

However, the prices of diesel and kerosene have gone up slightly by Ksh.0.39 and Ksh.0.29 per litre respectively.

This means that a litre of petrol will now retail at Ksh.125 in Nairobi.

A litre of diesel will now retail at Sh115.47 in Nairobi while that of kerosene will retail at Sh97.7.

While announcing the new fuel prices which will be in effect from September 15, 2018 to October 14, 2018, ERC said the changes are inclusive of the recently implemented 16% VAT tax on all petroleum products.

President Uhuru Kenyatta, however announced that the government will slash the 16% increase by half to 8% which, with Parliament’s approval, will see the price of petrol drop even further in Nairobi.

“Should Parliament accept this proposal, the price of super petrol will drop from Ksh.127 to about Ksh.118, and the price of diesel will drop from Ksh.115 to about Ksh.107. Just as business owners took the new VAT rate as an opportunity to increase the cost of goods and services, I expect them not to take advantage of weary citizens, and to lower their prices commensurately and without delay,” said President Kenyatta.

ERC said they will publish new prices when the VAT rate is varied by law.