President William Ruto has announced that fuel prices have reduced by Ksh10 for the period between April 15, and May 14.
While speaking during a church service in Nyeri, the head of state bragged that the drop in fuel prices was attributed to his administration’s work.
He indicated that the monthly review by the Energy and Petroleum Regulatory Authority (EPRA) will be positive news to all Kenyans.
Additionally, Ruto indicated that the decrease in price was a result of the strengthening of the Kenyan shilling against the dollar.
Earlier, Government Spokesperson Isaac Mwaura revealed that the fuel prices would reduce significantly adding that it will play a key role in reducing the cost of living.
According to Mwaura, that was a testament of the work the Kennya Kwanza government was doing to ensure it was delivering promises made.
“A major announcement on the reduction of fuel prices shall be made today at 3:00 pm by EPRA. This will go a long way in reducing the cost of living in the country for hustlers and Kenyans at large,” he said.
Also Read: EPRA Reduces Fuel Prices for March & April by Ksh7
EPRA on Why Kenya’s Fuel Consumption Dropped
A previous report by the regulatory authority indicated that Kenya’s fuel consumption reduced in 2023, detailing that Kenyans consumed 4.3 million cubic meters of fuel in 2023, down from 4.5 million cubic meters during a similar period in 2022.
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During that time, the government increased the fuel tax from eight percent to 16 percent, leading to a significant increase in the prices of super petrol, diesel, and kerosene across the country.
However, in December 2023, the demand for petroleum products increased because of increased travel attributed to the festive season.
“The overall domestic demand for petroleum products declined by 3.01% to 2,717,699.16 m3 compared to a corresponding period in 2022. This reduction in consumption could be attributed to suppressed demand,” they stated.
“The demand of petroleum products through the period under review was steady with the highest consumption level being recorded in August 2023.”
Also Read: Kenyans to Pay More for Fuel as Govt Raises EPRA Levy
March Fuel Prices
In its March review, EPRA set the maximum price of Super Petrol per liter at Ksh199.15 in Nairobi, diesel at Ksh190.38 in Nairobi while a liter of Kerosene at a maximum of Ksh188.74.
This marked a reduction in the cost of Super Petrol by KSh7. The price of Diesel and Kerosene also decrease by KSh7.21 per litre, Ksh5.09 per litre respectively.
“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 statement read in part.
