The Energy and Petroleum Regulatory Authority (EPRA) has made a welcome announcement regarding fuel prices, signalling relief for motorists and consumers across the country.
In a statement released on Wednesday, February 14, EPRA revealed that prices of Super Petrol, Diesel, and Kerosene would all see a reduction of Sh1 per litre.
This adjustment means that in Nairobi, a litre of petrol will now be priced at Sh206.36, while diesel will retail at Sh195.47.
Kerosene, an essential commodity for many households, will now be available at Sh93.23 per litre for the coming month.
According to EPRA, the new prices are inclusive of the 16 per cent Value Added Tax (VAT) as outlined by the Finance Act 2023 and the revised rates for exercise duty adjusted for inflation.
"In accordance with Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022, EPRA has calculated the maximum retail prices of petroleum products, which will be in force from 15th February to 14th March 2024," EPRA stated.
The average landed cost of imported super petrol decreased by 1.71 per cent from US$677.78 per cubic metre in December 2023 to US$666.16 per cubic metre in January 2024.
Diesel decreased by 3.08 per cent from US$751.15 per cubic metre to US$728.03 per cubic metre while kerosene decreased by 1.17 per cent from US$727.00 per cubic metre to US$718.51 per cubic metre.
Currently, the country imports all its petroleum product requirements in refined form and the products are traded in international markets based on a pricing benchmark provided by S&P Global Platts.