The Energy and Petroleum Regulatory Authority (EPRA) has announced a reduction of one shilling per litre for Super Petrol, Diesel and Kerosene in Kenya. The new prices will be effective from 15 February 2024 to 14 March 2024.
EPRA said the price cut was due to the decrease in the average landed cost of imported petroleum products in January 2024. The cost of Super Petrol fell by 1.71%, Diesel by 3.08% and Kerosene by 1.17% compared to December 2023.
EPRA also said the prices were inclusive of the 16% Value Added Tax (VAT), the revised rates for excise duty adjusted for inflation and the Petroleum Development Levy (PDL).
The PDL is a fund that compensates oil marketing companies (OMCs) for the under recovery of costs due to the cross-subsidization of Diesel with Super Petrol and the stabilization of Kerosene prices.
EPRA said the purpose of the petroleum pricing regulations was to cap the retail prices of petroleum products that are already in the country so that importation and other prudently incurred costs are recovered while ensuring reasonable prices to consumers.
EPRA also assured the public of its continued commitment to the observance of fair competition and protection of the interests of both consumers and investors in the energy and petroleum sectors.
The new prices mean that motorists in Nairobi will pay KES 206 for Super Petrol, KES 195 for Diesel and KES 193 for Kerosene.
