The Energy and Petroleum Regulatory Authority (EPRA) has announced fuel prices for February in its latest fuel price announcement.
Announcing fuel prices for February, EPRA has announced reduction of prices for fuel in the month of February after after another reduction last month. This Month however, All three fuels, super petrol, diesel and kerosene reduced by Ksh1 each.
In February, a litre of petrol will retail at Ksh206.36 while diesel will be valued at Ksh195.47 in Nairobi. Kerosene, on the other hand, will be sold at Ksh 93.23 for the next month.
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“The prices are inclusive of the 16% Value Added Tax (VAT) in line with the provisions of the Finance Act 2023, the Tax Laws (Amendment) Act 2020 and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020.”
EPRA revealed that the new prices are inclusive of the 16 per cent Value Added Tax (VAT) as outlined by the Finance Act 2023, the Tax Laws (Amendment) Act 2020, and the revised rates for exercise duty adjusted for inflation.
This comes after EPRA reviewed the January fuel prices placing them at Super Petrol retailed at Ksh207.36, Diesel at Ksh196.47, and Kerosene at Ksh194.23.
This also comes as the shilling keeps performing better against the dollar in the latest dollar to shilling ranking. According to the Central Bank of Kenya, the US Dollar to Kenyan Shilling exchange rate at Ksh158.66.
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This means that as the shilling keeps stabilising against the dollar, commodity prices will continue coming down in an effort to counter the hard economic situation in the country.
According to CBK, the Shilling is and will continue to stabilise. This is attributed to favourable diaspora remittances and the thriving Tourism industry in the country that has improved the foreign exchange.