Kenya Increases Fuel Prices by 24 Percent Due to Crude Costs
Kenya raised retail petrol and diesel prices by up to 24.2 percent yesterday following a spike in crude costs. The energy regulator reduced VAT to 13 percent.
Kenya has raised its retail fuel prices by as much as 24.2% following a significant spike in global crude costs, including Brent Crude Oil and West Texas Oil, driven by the ongoing conflict in the Middle East. The Energy and Petroleum Regulatory Authority (EPRA) announced the new maximum allowable prices late Tuesday, noting that the cost of imported petroleum products has surged by up to 68.7%.
Under the updated price schedule, a litre of petrol in the capital has increased by 16.1% to 206.97 Kenyan shillings ($1.60). Diesel prices rose by 24.2% to 206.84 shillings, while the price of kerosene was maintained at 152.78 shillings. The regulator had previously left prices unchanged in March, stating that the impact of international market volatility had not yet been fully reflected in retail costs.
