Motorists and consumers in Kenya can expect some relief at the pumps as the Energy and Petroleum Regulatory Authority (EPRA) has announced a decrease in the maximum allowed retail prices for Super Petrol, Diesel, and Kerosene, effective from May 15 to June 14, 2024.
In a press release issued on May 14, EPRA revealed that the maximum pump price for Super Petrol will drop by KES 1.00 per litre, while Diesel and Kerosene prices will decrease by KES1.20 and KES1.30 per litre, respectively.
In the capital city of Nairobi, the new pump prices will be KES 192.84 for Petrol, KES 179.18 for Diesel, and KES 168.76 for Kerosene.
The new prices, inclusive of 16% Value Added Tax (VAT) and revised excise duty rates, aim to strike a balance between cost recovery for importers and reasonable prices for consumers.
Daniel Kiptoo Bargoria, MBS, OGW, the Director-General of EPRA, stated, “The purpose of the Petroleum Pricing Regulations is to cap the retail prices of petroleum products which are already in the country so that importation and other prudently incurred costs are recovered while ensuring reasonable prices to consumers.”
The price adjustments come amid fluctuations in the global oil market. While the average landed cost of imported Super Petrol increased by 3.82% from US$737.69 per cubic meter in March 2024 to US$765.87 per cubic meter in April 2024, Diesel costs decreased by 0.46% from US$722.51 to US$719.21 per cubic meter. Kerosene prices saw a moderate increase of 0.50%, rising from US$725.31 to US$728.97 per cubic meter.
