The Energy and Petroleum Regulatory Authority (EPRA) has maintained the previous prices for Petrol, Kerosene and Diesel for the period between August 15 and September 14, 2024.
In its monthly review report released on Wednesday, August 14, EPRA announced that the maximum allowed petroleum pump price for Super Petrol, Diesel and Kerosene will remain unchanged.
“The 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 announced.
According to the report released on Wednesday, Super Petrol, Diesel and Kerosene will now retail at Kshs.188.84, Kshs.171.60 and Kshs.161.75 respectively in Nairobi starting midnight.
“Super Petrol, Diesel and Kerosene will now retail at Kshs.188.84, Kshs.171.60 and Kshs.161.75 respectively in Nairobi starting midnight,” noted EPRA.
Fuel pump at a petrol station. PHOTO/Courtesy
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EPRA’s July – August Oil Prices
In its July and August Cycle, the Energy and Petroleum Regulatory Authority (EPRA) lowered the cost of super petrol by Ksh1.00, marking a reduction in fuel prices across the country for the third time consecutively.
Similarly, the price of Diesel and Kerosene decreased by Ksh1.50 per liter and Ksh1.30 per liter, respectively.
In Nairobi, super petrol was retailing at a maximum of Ksh188.84, diesel at Ksh171.60, while a liter of kerosene was retailing at a maximum of Ksh161.75 per liter.
The fuel price review came days after the energy regulator announced an increase in the prices of electricity.
In the latest August monthly review, EPRA reviewed the prices of electricity upwards with customers now expected to pay 1.5 percent more for a unit of electricity.
This marked the third month of 2024 where EPRA has raised the prices of electricity that has seen ordinary Kenyans paying more.
Also Read: CBK Lowers Lending Rate, Signals Cheaper Bank Loans
CBK Reveals Latest Trends of Global Oil Prices
On August 9, the Central Bank of Kenya (CBK) in its weekly bulletin stated that global oil prices had declined during the week ending August 8.
“International oil prices declined during the week ending August 8, mainly reflecting concerns about weak demand in China. Murban oil price decreased to USD 81.70 on August 8 from to USD 84.48 on August,” CBK stated.
Global inflation concerns have also eased, leading to increased market expectations of monetary policy easing in other major economies, including the US Federal Reserve.
As a result, the US dollar index weakened by 1.17 percent against a basket of major currencies during the week ending August 8.
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