The Energy and Petroleum Regulatory Authority (EPRA) has set new fuel prices for the period between February 15 and March 14, 2024.
In its monthly report released on Wednesday, February 14, EPRA set the maximum price of Super Petrol per liter at Ksh206.36 in Nairobi.
One liter of Diesel will sell at Ksh 195.47 in Nairobi while a liter of Kerosene will retail at a maximum of Ksh193.23.
The new prices represent a slight drop compared to those used in the January-February cycle as Diesel and Kerosene decreased by Ksh 1.00.
“In the period under review, the maximum allowed petroleum pump price for Super Petrol, Diesel and Kerosene decrease by Kshs.1.00 per liter respectively,” EPRA stated in its review report.
“In Nairobi, Super Petrol, Diesel and Kerosene will now retail at Kshs.206.36, 195.47 & 193.23 effective midnight for the next 30 days.”
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In Mombasa, one liter of Super Petrol will retail at a maximum of Ksh203, while Kerosene and Diesel will retail at Ksh192.41 and 190.05 respectively.
Why EPRA reduced oil prices
Fuel prices in the past two cycles have dropped in reflection of the global oil prices.
According to the EPRA report, the average landed cost of imported Super Petrol decreased by 1.71% from US$677.78 per cubic meter in December 2023 to US$666.16 per cubic meter in January 2024.
Diesel’s landed cost decreased by 3.08% from US$751.15 per cubic meter to US$728.03 per cubic meter while Kerosene decreased by 1.17% from US$727.00 per cubic meter to US$718.51 per cubic meter.
EPRA also indicated that the price of Diesel has been cross subsidized with that of Super Petrol while Kerosene has been fully stabilized.
As such, Oil Marketing Companies (OMCs) will be compensated for the under recovery of costs from the Petroleum Development Levy (PDL) Fund.
Also Read: EPRA Announces New Fuel Prices for January & February
The reduction offers more hope for Kenyans, coming days after the energy regulator announced a reduction of electricity prices.
Earlier in February, EPRA announced that electricity prices would drop by Ksh3.44 per unit in the country to hand Kenyans in the manufacturing sector and domestic consumers of power a much-needed relief.
According to EPRA, power prices could have reduced by an even bigger margin were it not for its decision to allow Kenya Power to recover the Ksh548 million lost through the tariff cuts put in place in former President Uhuru Kenyatta’s administration.
As such, Kenya Power will continue deducting money from customers until the recovery spread across 12 months is complete.
