The Energy and Petroleum Regulatory Authority (EPRA) announced Tuesday that maximum allowed prices for diesel and kerosene will decrease by KES 2 per liter starting November 15, while prices for super petrol will remain unchanged.
The maximum price for petrol in Nairobi will be KES 217 per liter, while diesel and kerosene will now retail at KES 203.47 and KES 203.06 per liter respectively.
The new prices set by EPRA are inclusive of 16% value added tax in accordance with Kenyan tax laws. EPRA calculates the maximum retail prices for petroleum products on a monthly basis.
The landed cost of imported super petrol increased 2.81% from October, and diesel increased 3.28%, while kerosene decreased 6.31%, according to EPRA data. Kenya imports all its petroleum products in refined form, with pricing benchmarked to international S&P Global Platts data.
“In order to cushion consumers from the spike in pump prices as a consequence of the increased landed costs, the Government has opted to stabilize pump prices for the November – December 2023 pricing cycle,” EPRA said in a statement.
The National Treasury has set aside funds to compensate oil marketing companies for the difference between actual and published pump prices, which EPRA said is necessary to avoid passing higher costs on to consumers.
EPRA Director General Daniel Kiptoo Bargoria said the government’s move provides an important buffer for consumers. “We are pleased the National Treasury has identified resources to keep pump prices stable despite increases in global oil prices,” Bargoria said.
EPRA said it remains committed to ensuring fair competition and protecting consumer and investor interests in the energy sector. The next monthly price review is scheduled for mid-December.