Fuel Prices Hold Steady, Kerosene Drops by Sh3.43
The Energy and Petroleum Regulatory Authority (EPRA) announced on Saturday that the prices of Super Petrol and Diesel would remain stable for September.
EPRA confirmed that Super Petrol would sell for Ksh188.84, Diesel for Ksh171.60, while Kerosene would retail at Ksh158.32 after a decrease of Ksh3.43 per liter.
According to the authority, the prices include a 16% Value Added Tax (VAT), as required by the Finance Act 2023 and the Tax Laws Amendment Act of 2020.
In its statement, EPRA clarified that these revised petroleum prices will take effect from September 15, 2024, and remain valid until October 14.
EPRA also announced a 1.53% drop in the landed cost of Super Petrol, falling from Ksh91,300 (US$708.47) per cubic meter in July 2024 to Ksh89,938 (US$697.62) in August.
Additionally, Diesel saw a 2.95% decline in landed cost, dropping from Ksh89,528 (US$693.82) per cubic meter to Ksh86,900 (US$673.36) per cubic meter.
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EPRA explained that Kenya relies on imported, refined petroleum, and prices are set according to international market benchmarks.
The authority further clarified that petroleum products are priced in US Dollars, with an exchange rate applied to convert the prices to Ksh for local fuel rates.
Many Kenyans were surprised by EPRA’s decision to keep fuel prices unchanged, especially as many had hoped for a reduction.
Expectations for lower prices were driven by declining global oil prices and the shilling’s stability over the past month.
In a bulletin published on September 13, the Central Bank noted that international oil prices had fallen slightly during the week ending September 12, driven by weakening global demand.
The Central Bank reported that Murban oil prices dropped to USD 72.34 per barrel on September 12, down from USD 72.99 per barrel on September 5.
Fuel Prices Hold Steady, Kerosene Drops by Sh3.43
