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Govt subsidizes fuel to cool prices in latest review

The government has stepped in to subsidize fuel prices in latest review amid mounting pressure from consumers.

The Energy and Petroleum Regulatory Authority (EPRA) Director General Kiptoo Bargoria has said this covers November and December price cycle.

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“In order to cushion consumers from the spike in pump prices, as a consequence of the increase in the landed costs, the Government has opted to stabilize pump prices for the November- December 2023 price cycle,” said Bargoria.

For the period, EPRA has kept the price of a litre of super petrol unchanged while that of kerosene and diesel reduces by Ksh 2.

The monthly prices published on Tuesday now means consumers in Nairobi will pay a maximum of Ksh 217.36 for a litre of super petrol at the pump,  Ksh 203.47 and Ksh 203.06  for a litre of diesel and kerosene respectively.

Bargoria said oil marketing companies will pocket Ksh 12.01 for a litre of super petrol, Ksh Ksh 19.82 for a litre of diesel and Ksh 3.64 for a litre of kerosene.

“The National Treasury has identified resources within the current resource envelope to compensate Oil Marketing Companies,” he added.

Without tapping the Petroleum Development Levy (PDL), EPRA said consumers would have paid Ksh 229.37 for a litre of super petrol, Ksh 223.29 for a litre of diesel and Ksh 206.70 for a litre of kerosene.

The new prices take effect from midnight.

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