ERC Reviews Fuel Prices as Uhuru’s Assent to Bill

By Moses Adongo

The Energy Regulatory Commission (ERC) has moved to review prices of petroleum products following the signing of the Finance Bill 2018 into an Act of parliament. In the revised prices a liter of petrol will be cut by Sh8.80 while that of diesel will be slashed by Sh7.35, that of kerosene will, however, increase by Sh10.71 from the previous prices.

“Pursuant to the Finance Act 2018, the VAT on petrol, diesel, and kerosene has been revised from 16 percent to 8 percent. Accordingly, ERC has recalculated the maximum pump prices that will be in force from September 21 to October 14, 2018, considering the VAT at eight percent,” ERC director-general Pavel Oimeke said in a statement.

The new prices will see petrol retail in Nairobi at ShSh116.79, kerosene at Sh108.412 and diesel Sh108.12 per liter.

In Kisumu, a liter of petrol will cost motorists Sh118.25, that of diesel will retail at Sh109.81 while kerosene will cost Sh110.09 for homes.

In Nakuru, motorists will part with Sh117.25 for a liter of petrol, Sh108.81 for diesel while households will pay Sh109.09 for kerosene.

Compared to other major towns, the prices will be lower in Mombasa with petrol selling at Sh 114.15 for a liter while diesel and kerosene will be sold at Sh105.50 and Sh105.78 respectively.

In Eldoret, motorists will buy petrol at Sh118.26, diesel at Sh109.81 while kerosene will retail at Sh110.09

President Uhuru Kenyatta this morning signed the Finance Bill 2018 into an act after his proposals were passed in parliament following a protracted debate by the legislators. The opposing MPs had fallen short of the required 233 members to overturn the President’s reservations with an initial bill they had forwarded to him.

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