The Energy and Petroleum Regulatory Authority (EPRA) has announced new prices for Petrol, Kerosene, and Diesel or December-January Cycle.
In its monthly review report released on Saturday, December 14, EPRA announced that Super Petrol, Diesel, and Kerosene have reduced prices by Ksh 4.37, 3.00 and 3.00 respectively.
“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 December 2024 to 14th January 2025,” read the statement in part.
“In the period under review, the maximum allowed petroleum pump prices for Super Petrol, Diesel, and Kerosene decreased by Ksh 4.37 per litre, Ksh 3.00 per litre, and Ksh 3.00 per litre, respectively.”
In Nairobi, Super Petrol, Diesel, and Kerosene will now retail at Ksh 176.29, Ksh 165.06, and Ksh 148.39, respectively, effective midnight and for the next 30 days.
Meanwhile, in Mombasa, Super Petrol will retail at Ksh 173.05 per litre, Diesel at Ksh 161.82 per litre, and Kerosene (IK) at Ksh 145.15 per litre.
EPRA Reduces Fuel Prices for December-January Cycle
The regulatory authority announced that 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.
“The purpose of the Petroleum Pricing Regulations is to cap the retail prices 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,” the statement read further.
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The average landed cost of imported Super Petrol decreased by 4.46% from US$641.14 per cubic metre in October 2024 to US$612.53 per cubic metre in November 2024.
Diesel increased by 5.76% from US$608.61 per cubic metre to US$643.69 per cubic metre while Kerosene increased by 1.87% from US$648.15 per cubic metre to US$660.30 per cubic metre over the same period.
Petroleum Import
EPRA mentioned 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.
Further, the trade of petroleum products in the 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.
Global Prices and Kenyan Shilling
EPRA’s review comes after the Central Bank of Kenya (CBK), in its weekly bulletin, revealed that international oil prices increased during the week ending December 11.
“The price of Murban oil rose to USD 73.30 on December 11, 2024, from USD 71.86 on December 5, as OPEC+ members agreed to delay production increases that were initially set to begin in January 2025, postponing them until April 2025,” CBK said.
The Kenya Shilling remained stable against major international and regional currencies during the week ending December 11. It exchanged at Ksh 129.31 per US dollar on December 11, compared to Ksh 129.33 per US dollar on December 5.
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September- November Review
In the November review, the maximum allowed petroleum pump prices for Super Petrol, Diesel and Kerosene remain unchanged
Super Petrol, Diesel, and Kerosene in Nairobi retailed at Ksh 180.66, Ksh 168.06, and Ksh 151.39, respectively.
In its October report, EPRA reduced the maximum allowable pump prices for Super Petrol, Diesel, and Kerosene by Ksh8.18, Ksh3.54, and Ksh6.93 per litre.
On the other hand, the Petroleum Regulatory Authority, in its September report, announced unchanged maximum allowable pump prices for Super Petrol and Diesel, while the price of Kerosene decreased by Ksh 3.43 per litre.
The maximum retail prices for Super Petrol, Diesel, and Kerosene were capped at Ksh 188.84, Ksh 171.60, and Ksh 158.32 per litre, respectively, for the cycle.
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