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Sunday, September 20, 2020

Brace for higher petrol, diesel prices from Friday

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2020 August Fuel Prices: For the second month in a row, Kenyans will dig deeper into their pockets to buy fuel. This is because the price of petrol and diesel will rise once again.

According to a report that appeared in the Business Daily on Thursday, a litre of petrol will rise by up to Sh. 3.32 while a litre of diesel will increase by Sh. 2.57.

In Kenya, consumers never get the full benefits of global crude oil price decreases. Some of the factors that have been attributed to this is the over taxation of fuel by the government. In July, for example, taxes and levies paid on kerosene were higher than the actual price of the fuel. The taxes mean that in as much as global fuel prices may fall, Kenyans can never get anything below Sh. 60.

Photos: Rich Kenyans scramble for Sh.21.6mn 2020 Land Rover Defender

In the latest increase, super petrol will increase to Sh. 103.80 per litre in Nairobi from the current Sh. 100.48, while diesel will hit Sh. 94.44 for a litre of diesel from Sh. 91.87. “The increase in the petrol levy to Sh. 5.40 from Sh. 0.40, representing a 1,250 percent rise, has also helped to drive pump prices,” the report in the Business Daily said.

The report further said that the government is attributing the increase to a rise in the average crude prices. “Petroleum Ministry reckons the fuel price adjustments is based on average crude prices of $42 a barrel. The current fuel prices are based on the crude cost of $36.34 in June, representing an increase from $23.55 posted in May and $17.64 April. This means that a litre of diesel will have gained Sh. 19.87 since May while petrol has increased by Sh. 16.10,” it said on the upcoming 2020 August fuel prices.

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