Nairobi,
Thursday, 14 March, 2024
McCreadie Andias
Motorists can now smile their way to fuel stations as the Energy and Petroleum regulatory Authority today announced fuel price cuts for Super Petrol, Diesel & Kerosene.
In a Press statement, the Authority announced that Super Petrol, Diesel, and Kerosene will now retail at Sh199.15, Sh190.38 and Sh188.74 effective midnight for the next 30 days.
The steady decrease will see Super petrol go down by Sh7.21, Diesel by Sh5.09 & Kerosene by Sh4.49.
“In accordance with Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022, EPRA Kenya has calculated the maximum retail prices of petroleum products, which will be in force from 15th March 2024 to 14th April 2024.In the period under review, the maximum allowed petroleum pump price for Super Petrol, Diesel, and Kerosene decrease by Kshs. 7.21,Kshs. 5.09 and Kshs. 4.49 per litre respectively.” The statement Read.
President William Ruto while adressing residents of Kericho had announced that EPRA will today Reduce Prices of Fuel.
In Nairobi, Super Petrol, Diesel and Kerosene will now retail at Kshs.199.15, Kshs.190.38 and Kshs.188.74 effective midnight for the next 30 days.
In Kisumu, Super Petrol, Diesel and Kerosene will retain at Ksh198.97,Ksh 190.59 and Ksh188.96 respectively while in Nakuru Ksh198.21,Ksh189. 92 and Ksh 188.21 respectively.
The Prices for Eldoret will go for Ksh 195.95, Ksh190. 39 and Ksh188. 98 respectively while in Mombasa, the Prices will retail at Ksh. 195.97, Ksh 187.21 and Ksh 185.58 respectively.
Meanwhile, EPRA said that prices are inclusive of the 16% 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 the government is currently importing all its Petroleum products requirements in refined form and the products are traded in international markets based on pricing benchmark provided by S&P global platts.
Furthermore, the trade of Petroleum products in international markets is denominated in United States Dollars (USD) and an exchange rate is applied to convert the USD to Ksh during the computation of local pump prices.
EPRA added that the purpose of Petroleum pricing regulations is to Cap the retail price of Petroleum products which are already in the country so that importation and other prudently incurred costs are recovered while ensuring reasonable prices to consumers.