Harsh Economic Times, Fuel Prices Hike Again, the cost of living expected to go high.
The Energy and Petroleum Regulatory Authority (EPRA) on Tuesday, September 2021 announced prices for super petrol, diesel and kerosene are going to hike by Sh7.58, Sh7.94 and Sh12.97 per litre respectively.
The steep rise in prices will change the cost of a litre to go up to Sh137 per litre with fluctuations in different cities.
Kenyans are going to face tough economic times amidst covid 19 pandemics since fuel prices drive up all the economic sectors. The product is widely used by critical sectors of the economy.
According to a report from EPRA Director-General Daniel Kiptoo to Nation, the increase in fuel prices has come as a result of a lift of the stabilisation fund which had cushioned consumers from previous increases.
For the first time in history, the fuel price has crossed the Sh 130 mark. The announced increase is so the highest compared to the previous increments.
Fuel prices have an impact on economic sectors such as transportation, agriculture, electricity production, industrial sector among others.
According to recent announcement, Kenyans should prepare for another announcement in the fuel price increase in two weeks’s time.
This is likely to come after the latest announcement from the Kenya Revenue Authority on its plans to increase exercise duty for several products to cover the 2020/21 inflation. This move will see taxes for premium and regular gasoline, kerosene and other petroleum products go up.
This announcement by KRA was made on 10th August 2021 and the new importy duty shall be applied from 1st October 2021.