Fuel prices increase in February

Fuel prices have increased again in February after increases in the previous year.

The Independent Consumer & Competition Commission (ICCC) announced the new prices which come into effect today.

Petrol now costs 323.49 (K3.24) toea per litre (tpl) after increasing by 7.08 toea from 316.41 tpl (K3.16).

Diesel is selling for 262 tpl (K2.62) after rising by 6.76 toea from 255.24 tpl (K2.55).

And Kerosene is going for 248.04 tpl (K2.48) following a 3.89 toea increase from 244.15 tpl (K2.44).

The increase is due to the rising of the Import Parity Prices (IPP) for the month of February and mainly due to the increases in the crude oil prices in January.

Global crude oil prices have increases primarily in response to the production cuts by the Organization of Petroleum Exporting Countries (OPEC).

The domestic retail fuel price are inclusive of the IPP, domestic sea, and road freight rates for the first quarter of 2017, the new annual wholesale, and retail margins for petrol, diesel, and kerosene including excise duty and GST.

Cedric Patjole