The Energy and Petroleum Regulatory Authority (EPRA) has announced a reduction in the prices of super petrol, diesel, and kerosene, in a move that brings relief to Kenyan motorists and households.
According to a statement released on Sunday, EPRA disclosed that effective January 15, the price of super petrol and diesel will decrease by Sh5 per litre, while kerosene will see a notable reduction of Sh4.82 per litre over the next month.
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In the capital city, Nairobi, the revised prices will be Sh207.36 per litre for super petrol, Sh196.47 for diesel, and Sh194.23 for kerosene.
“In accordance with Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022, EPRA has calculated the maximum retail prices of petroleum products, which will be in force from January 15 to February 14, 2024,” stated EPRA in its announcement.
During this period, the maximum allowed pump prices for super petrol, diesel, and kerosene will decrease by Sh5, Ksh.5, and Sh4.82 per litre, respectively, as per EPRA’s regulatory measures.
The regulatory body said that these new prices include the 16 percent Value Added Tax (VAT), aligning with the provisions of the Finance Act 2023.
This marks the second consecutive month of fuel price reductions, a development possibly linked to the global decrease in crude oil prices. In 2023, crude oil futures experienced a more than 10 percent decline, recording their most significant annual drop since 2020. This trend has persisted into 2024, with prices closing the first trading session at $76.87 per barrel.
EPRA’s decision follows a December announcement where the regulator cut the pump prices of super petrol by Sh5, diesel by Sh2, and kerosene by Sh4.01. Despite quoting higher crude prices at $93.92 for November imports compared to the then average price of $76 per barrel, consumers were not fully benefiting from the price adjustments.