The Energy and Petroleum Regulatory Authority (EPRA) has announced new prices for Petrol, Kerosene, and Diesel for the period between October 15 and November 14, 2024.
In its monthly review report released on Monday, October 14, EPRA announced that Super Petrol, Diesel, and Kerosene have reduced prices by Kshs8.18, Kshs3.54, and Kshs6.93 respectively, in Nairobi starting at midnight.
“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/litre, Kshs.3.54litre, and Kshs.6.93/litre respectively,” a statement from EPRA read in part.
In it's August Review, EPRA announced fuel prices for period beginning August 15 to September 14 remained Unchanged.
Super Petrol retailing at Sh188.84, Diesel at Sh171.60 and Kerosene at Sh161.75 in Nairobi.
“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 August 15, 2024, to September 14, 2024,” said EPRA.
“In the period under review, the maximum allowed petroleum pump price for Super Petrol, Diesel and Kerosene remain unchanged.”
EPRA stated that the prices include the 16% Value Added Tax (VAT), in accordance with the Finance Act 2023, the Tax Laws (Amendment) Act 2020, and the revised excise duty rates adjusted for inflation under Legal Notice No. 194 of 2020.
“The average landed cost of imported Super Petrol decreased by 4.65% from US$750.95 per cubic metre in May 2024 to US$716.03 per cubic metre in June 2024; Diesel decreased by 1.19% from US$690.99 per cubic metre to US$682.73 per cubic metre while Kerosene increased by 2.01% from US$679.14 per cubic metre to US$692.80 per cubic metre,” added EPRA.
In it's September review, EPRA announced Super Petrol and Diesel prices remained unchanged again, retailing at Sh 188.84 and KSh 171.60, respectively, in Nairobi.
The price of Kerosene dropped by KSh 3.43 to retail at Sh 158.32 in Nairobi.
EPRA said the review released on Saturday, September 14, was based on the decrease in the landed cost of imported fuel products.
Petrol decreased by 1.53% from US$708.47 (Sh 91,000) per cubic metre in July to US$697.62 (KSh 90,000) per cubic metre in August.
Diesel decreased by 2.95% from US$693.82 (KSh 89,500) per cubic metre to US$673.36 (Sh 87,000) per cubic metre, while Kerosene decreased by 5.30% from US$705.74 (Sh 91,000) per cubic metre to US$668.34 (Sh 86,000) per cubic metre.
Recent crude oil price surges, driven by the ongoing Middle East conflict between Israel and its rivals, is the main Factor influencing the expected rise in LPG prices.
Last week, crude oil prices recorded their highest weekly jump since January 2023, as markets await Israel’s potential response to an Iranian missile attack. There is speculation that Israel may target Iran’s energy infrastructure, further pushing petroleum futures upward.
According to officials, petrol prices have risen by approximately $2.8 per barrel and high-speed diesel prices by about $7 per barrel over the past two weeks in the global market.