The Energy Petroleum and Regulatory Authority (EPRA) has announced new fuel prices to be used in the period between January 15 and February 14.
In a report released on Sunday, January 14, EPRA set the price of one liter of Super Petrol at Ksh 207.36 in Nairobi, while Diesel and Kerosene will retail at Ksh 196.47 and 194.23respectively.
In a statement, the authority noted that in the period under review, the maximum allowed petroleum pump price shall decrease by Kshs.5.00 (Super Petrol), Kshs.5.00 (Diesel) and Kshs.4.82 (Kerosene) per litre respectively.
“The maximum allowed petroleum pump price for Super Petrol, Diesel and Kerosene decrease by Kshs.5.00, Kshs.5.00 and KShs.4.82 per litre respectively,” the statement read in part.
Further EPRA noted that average landed cost of imported super petrol decreased by 2.40% from US$694.44 per cubic metre in November 2023 to US$677.78 per cubic meter in December 2023.
According to the energy authority, Diesel decreased by 9.06% from US$826.01 per cubic meter to US$751.15 per cubic meter whereas Kerosene decreased by 4.33% from US$759.93 per cubic meter to US$727 per cubic meter.
The new prices came on the back of reduced prices in the global oil market in the recent months.
Earlier in January, the Central Bank of Kenya (CBK) confirmed that international oil prices continued to decline in the first week of 2024- with a barrel going for USD 78.83.
The decline has since offered a relief to oil importers across the world, with countries accessing crucial commodities at relatively lower prices.
“International oil prices declined during the week ending January 4, following an inventory build-up in the US. Murban oil prices declined to USD 78.83 per barrel on January 4 compared to USD 79.55 on December 28,” CBK stated in a report.
However, the depreciation in the value of the Kenya Shilling and high taxes imposed on fuel products have been a major stumbling block in efforts to lower fuel prices to much affordable rates amid pressure from various quarters.
For the second month in a row, President William Ruto assured that the prices of fuel products would reduce in January citing the continued drop.
Ruto Disowns EPRA Review
Speaking in a function in Kisii County in December 2023, the President told critics pressuring him to reduce fuel prices further in light of the trend in the global oil market.
Also Read: I Did Not Reduce Fuel Prices- President Ruto
The President in his speech affirmed that he could not take credit of the reduction announced in December and reiterated the drop to factors beyond his government’s control.
“Don’t praise me, I did nothing to reduce the fuel prices, I am not responsible for the increase and decrease in the prices,” said Ruto.