EPRA Announces Drop in Fuel Prices by Ksh8
On Monday, October 14, the Energy and Petroleum Regulatory Authority (EPRA) announced a notable drop in fuel prices for super petrol, kerosene, and diesel, following the latest monthly review.
Super Petrol saw the largest reduction, decreasing by Ksh8.18 from Ksh188.84 to Ksh180.66. Diesel prices also fell, dropping by Ksh3.54 from Ksh171.6 to Ksh168.06.
Kerosene prices similarly decreased, moving from Ksh158.32 to Ksh151.39.
EPRA, referencing Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022, confirmed that these prices would remain effective from October 15, 2024, to November 14, 2024.
EPRA further detailed a sharp decline in the landed cost of imported Super Petrol, which plummeted by 8.59%. The price fell from Ksh90,013.91 (USD697.62) per cubic meter in August to Ksh82,282.43 (USD637.70) in September 2024.
Diesel’s landed cost also experienced a significant reduction of 5.52%, dropping from Ksh86,883 (USD673.36) per cubic meter to Ksh82,091.47 (USD636.22).
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In Mombasa, the revised fuel prices will see super petrol retail at Ksh177.42, diesel at Ksh164.82, and kerosene at Ksh148.45.
In Kisumu, consumers will pay Ksh180.68 for petrol, Ksh168.44 for diesel, and Ksh151.82 for kerosene, reflecting slight regional price variations.
Fuel price reductions were anticipated due to the stability of the Kenyan shilling against the US dollar. The shilling traded at 128.50/129.50 against the dollar, maintaining the same rate from the previous Friday, based on London Stock Exchange Group data.
In September’s review, fuel prices remained steady despite a stronger shilling and declining global oil demand.
The latest drop in fuel costs follows shortly after the Central Bank of Kenya reported a global spike in oil prices in the week ending October 9, citing increased demand and Middle East tensions as key factors.
Last week, Murban oil prices surged from USD76.54 to USD78.62 on October 9, raising concerns about the potential impact on local fuel prices in the new review.
EPRA Announces Drop in Fuel Prices by Ksh8
