The Energy and Petroleum Regulatory Authority (EPRA) has set new fuel prices for the period between March 15 and April 14, 2024.
In its monthly report released on Thursday, March 14, EPRA set the maximum price of Super Petrol per litre at KES 199.15 in Nairobi. It has also slashed prices per litre of diesel by KES 5.09 and that of kerosene by KES 4.49.
In Mombasa, a litre of super petrol will retail for KES 195.97 starting midnight while that of diesel and kerosene will go for KES 187.21 and KES 185.58 respectively.
During his current tour of the South Rift region, President William Ruto assured Kenyans of further reductions in fuel prices. This announcement comes as Kenya moves to decrease pump prices amidst global rate increases, following an agreement among oil-producing nations to extend daily supply cuts by 2.2 million barrels until June.
Fuel prices in the past two months reduced because of the drop in the global oil prices. According to the February EPRA report, the average landed cost of imported Super Petrol decreased by 1.71% from US$677.78 per cubic meter in December 2023 to US$666.16 per cubic meter in January 2024.
Further, EPRA indicated that Diesel’s landed cost decreased by 3.08% from US$751.15 per cubic meter to US$728.03 per cubic meter while Kerosene decreased by 1.17% from US$727.00 per cubic meter to US$718.51 per cubic meter.
EPRA also indicated that the price of Diesel had been cross subsidized with that of Super Petrol while Kerosene has been fully stabilized.
Subsequently, Oil Marketing Companies (OMCs) would be compensated for the under recovery of costs from the Petroleum Development Levy (PDL) Fund.
