The Energy and Petroleum Regulatory Authority (EPRA) has announced a reduction in the retail prices of petroleum products, effective from October 15 to November 14, 2024.
In a statement released on Monday, October 14, 2024, EPRA outlined the new fuel prices for Super Petrol, Diesel, and Kerosene, which have seen a notable decrease.
EPRA in the statement says the reduction follows Section 101(y) of the Petroleum Act 2019 and Legal Notice No. 192 of 2022, which guide the calculation of maximum retail prices for petroleum products.
“In accordance with Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022, we have calculated the maximum retail prices of petroleum products, which will be in force from 15th October 2024 to 14th November 2024,” the statement reads in part.
New fuel prices
According to EPRA, Super Petrol will retail at Ksh180.66 per litre, Diesel at Ksh168.06, and Kerosene at Ksh151.39 within Nairobi.
These represent price reductions of Ksh8.18, Ksh3.54, and Ksh6.93 per litre, respectively.
The authority attributes the drop to changes in the weighted average cost of imported refined petroleum products, a key factor in determining local pump prices.
“Taking into account the weighted average cost of imported refined petroleum products, the changes in the maximum allowed petroleum pump prices in Nairobi are as follows; Super Petrol, Diesel and Kerosene decrease by KShs.8.18, KShs.3.54, and KShs.6.93 per litre respectively,” EPRA stated.
In accordance with Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022, we have calculated the maximum retail prices of petroleum products, which will be in force from 15th October 2024 to 14th November 2024.^DC pic.twitter.com/7nkwtnTCpc
— Energy and Petroleum Regulatory Authority (@EPRA_Ke) October 14, 2024
EPRA further noted that the new prices incorporate the 16% Value Added Tax (VAT), in line with the Finance Act 2023, as well as adjustments to excise duty based on inflation rates, as per Legal Notice No. 194 of 2020.
Second fuel price drop
This is the second fuel price drop in recent months and is expected to ease the financial burden on consumers, especially in light of rising costs of living and economic pressures.
In the last month’s review, EPRA announced a reduction in the price of kerosene, while the prices of petrol and diesel remained unchanged.
The new prices will be effective from midnight on October 15, 2024, and will remain in force until November 14, 2024.
Fuel prices are reviewed on a monthly basis to reflect changes in international oil prices and exchange rates.