EPRA announced that the maximum allowed petroleum pump price for Super Petrol, and Diesel will remain unchanged.
The Energy and Petroleum Regulatory Authority (EPRA) has retained fuel prices for the period between Sunday, September 15 and Monday, October 14, but the price of Kerosene was lowered.
In its monthly review report released on Saturday, September 4, EPRA announced that the maximum allowed petroleum pump price for Super Petrol, and Diesel will remain unchanged.
Last month, Nairobi motorists were paying Ksh188.84 for Super Petrol, Ksh171.60 for Diesel and Ksh161.75 for Kerosene.
This will be the same for Super Petrol and Diesel consumers in the new month but the price of Kerosene goes down to Ksh158.32, effective midnight tonight.
New fuel prices as announced by EPRA on September 14, 2024. /VIRAL TEA KE
“In accordance with Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022, the Energy & Petroleum Regulatory Authority (EPRA) has calculated the maximum retail prices of petroleum products which will be in force from 15th September 2024 to 14th October 2024,” stated EPRA in part.
“In the period under review, the maximum allowed petroleum pump price for Super Petrol and Diesel remain unchanged while the price of Kerosene decreases by KShs.3.43/litre.”
The prices are inclusive of the 16 percent Value Added Tax (VAT) in line with the provisions of the Finance Act 2023, the Tax Laws (Amendment) Act 2020 and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020.
EPRA added that currently, Kenya imports all its petroleum product requirements in refined form and the products are traded in international markets based on a pricing benchmark.
Additionally, it stated that the trade of petroleum products in the international markets is denominated in US dollars, and an exchange rate is applied to convert the USD to Ksh during the computation of local pump prices.
According to EPRA, the average landed cost of imported Super Petrol decreased by 1.53% from $708.47 per cubic metre in July 2024 to $697.62 per cubic metre in August 2024.
Similarly, Diesel decreased by 2.95% from US$693.82 per cubic metre to US$673.36 per cubic metre while Kerosene decreased by 5.30% from US$705.74 per cubic metre to US$668.34 per cubic metre.
The latest change in fuel prices came a day after the Central Bank of Kenya (CBK) announced a decrease in global fuel prices, a decline attributed to the improvement of monetary and fiscal policies around the world.
“International oil prices declined marginally during the week ending September 12, reflecting a slowdown in global oil demand.
“The Murban oil price declined to USD 72.34 per barrel on September 12 from USD 72.99 per barrel on September 5,” the bulletin stated in part.
The Kenyan Shilling also strengthened slightly against the United States Dollar and remained stable against other major currencies globally.
Mv Navig8 Martinez fuel tanker docks at the Kipevu Oil Terminal 2 at the port of Mombasa with Uganda’s petrol consignment on July 3, 2024. /NATION MEDIA GROUP
