The Energy and Petroleum Regulatory Authority (EPRA) has announced new fuel prices for the December-January cycle, marking a reduction in the cost of Super Petrol, Diesel, and Kerosene.
In its monthly review released on Saturday, December 14, EPRA confirmed a price drop of sh 4.37 per litre for Super Petrol, sh 3.00 per litre for Diesel, and sh 3.00 per litre for Kerosene.
According to the statement, the new maximum retail prices, effective from December 15, 2024, to January 14, 2025, are in line with the Petroleum Act 2019 and the regulations outlined in Legal Notice No.192 of 2022.
The price adjustments will apply across the country, with specific rates for Nairobi and Mombasa.
In Nairobi, the new fuel prices will be sh 176.29 per litre for Super Petrol, sh 165.06 per litre for Diesel, and sh 148.39 per litre for Kerosene.
In Mombasa, Super Petrol will be priced at sh 173.05 per litre, Diesel at sh 161.82 per litre, and Kerosene at sh 145.15 per litre.
These prices include the 16% Value Added Tax (VAT), as mandated by the Finance Act 2023 and related tax laws.
EPRA also highlighted that the pricing regulations aim to cap retail fuel prices to recover costs related to importation and other operational expenses while ensuring fair prices for consumers.
The review notes that Kenya imports all of its refined petroleum products, with international markets influencing local prices based on a pricing benchmark and an exchange rate for converting USD to Kenyan Shillings.
In terms of international oil market trends, EPRA reported a 4.46% decrease in the average landed cost of Super Petrol from US$641.14 per cubic meter in October to US$612.53 per cubic meter in November.
Conversely, Diesel and Kerosene saw price increases of 5.76% and 1.87%, respectively.
EPRA’s report follows the Central Bank of Kenya’s (CBK) update on December 11, 2024, which revealed a rise in international oil prices.
The price of Murban oil increased from US$71.86 on December 5 to US$73.30 on December 11, driven by OPEC+ members’ decision to delay production increases until April 2025.
Despite the rise in global oil prices, the Kenyan Shilling remained stable against major currencies during the same period.
In its November review, EPRA had left the prices for Super Petrol, Diesel, and Kerosene unchanged, with Super Petrol priced at sh 180.66, Diesel at sh 168.06, and Kerosene at sh 151.39 in Nairobi.
In its October report, EPRA had previously reduced fuel prices by sh 8.18 for Super Petrol, sh 3.54 for Diesel, and sh 6.93 for Kerosene.
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