Hello, this is Jason. Welcome to today’s edition of The Business Roundup, where we bring you the latest updates on Kenya’s dynamic business landscape. In this edition, we dive into the newly released fuel prices by the Energy and Petroleum Regulatory Authority (EPRA), the government’s list of insured banks, a potential mega-bank merger between NCBA and Stanbic, and sweeping changes coming to public sector payslips. Let’s get right into it.
Fuel prices remain unchanged
We begin with the latest update from EPRA, which has released the new fuel price review for the period running from October 15 to November 14, 2025. In a welcome move for consumers, EPRA has maintained fuel prices at their previous rates, offering a brief reprieve amid global oil market volatility.
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As per the official announcement made on Tuesday, October 14, the prices of Super Petrol, Diesel, and Kerosene remain unchanged. In Nairobi, the retail prices are as follows:
- Super Petrol: Ksh184.52
- Diesel: Ksh171.47
- Kerosene: Ksh154.78
In other key towns:
- Mombasa: Super Petrol (Ksh181.21), Diesel (Ksh168.19), Kerosene (Ksh151.49)
- Nakuru: Super Petrol (Ksh183.56), Diesel (Ksh170.87), Kerosene (Ksh154.21)
- Eldoret and Kisumu: Super Petrol (Ksh184.38 & Ksh184.37), Diesel (Ksh171.68), Kerosene (Ksh155.03)
EPRA clarified that the prices reflect the 16% VAT as per the Finance Act 2023, Tax Laws (Amendment) Act 2024, and adjusted excise duty rates under Legal Notice No. 194 of 2020.
The average landed cost of Super Petrol decreased slightly by 0.10% from Ksh80,218 to Ksh80,141.21 per cubic metre. However, Diesel and Kerosene costs rose by 1.57% and 2.97%, respectively, highlighting continued pressure in the refined petroleum markets.
List of banks with insured deposits
Switching gears to the banking sector, the Kenya Deposit Insurance Corporation (KDIC) has published the list of institutions whose deposits are covered under the Deposit Insurance Scheme for the Financial Year ending June 30, 2026.
As a statutory Resolution Authority established under the Kenya Deposit Insurance Act, 2012, KDIC protects depositors’ funds in the event of bank failures.
The scheme includes 37 commercial banks, 1 mortgage finance institution (HF Group), and 14 microfinance banks.
Under the scheme, each depositor is guaranteed up to Ksh500,000 in case of institutional collapse. However, KDIC also deploys additional tools such as early detection, timely intervention, and prompt resolution to minimize systemic risk and recover funds beyond the guaranteed amount.
The corporation emphasized that it employs these measures to help depositors recover more of their funds by facilitating the realization of a failed bank’s assets and repayment of debts.
NCBA-Stanbic merger reports push share prices
In major corporate news, NCBA Group has seen its share price surge following reports by Bloomberg of a possible acquisition by Standard Bank Group, the parent company of Stanbic Bank Kenya.
Shares of NCBA jumped from Ksh69 to Ksh76.25 on Tuesday, October 14, while Stanbic’s stock also edged up to Ksh199, reflecting strong investor interest. On Wednesday, NCBA Group extended its rally, gaining another 8% to close at KES 81.25 [+69% YTD], building on Tuesday’s 8.3% surge.
The two banks have reportedly entered discussions to merge operations, a move that could create Kenya’s third-largest lender by assets — estimated at Ksh1.1 trillion ($8.5 billion).
Although sources have indicated that the deal is still under negotiation, it’s viewed as a strategic consolidation that could significantly shift the balance of power in Kenya’s financial services sector. Currently, Equity Group Holdings Plc and KCB Group Plc are the top two banks by asset base.
If completed, the merger would not only reshape the competitive landscape but also trigger further regulatory scrutiny and possibly other consolidation moves in the sector.
Reacting to the Bloomberg reports, Stanbic Bank responded:
“Stanbic Holdings Plc notes the media speculation in relation to a potential transaction. Stanbic Holdings Plc however does not comment on market or media speculation and any material developments regarding potential corporate activity will always be communicated through the appropriate channels, in accordance with our regulatory obligations and stock exchange listing requirements.
Task force set up to harmonize public sector salaries
Wrapping up today’s roundup, Cabinet Secretary Geoffrey Ruku revealed on October 14 the formation of a task force to address salary disparities across Kenya’s vast public sector.
The team comprises officials from the Salaries and Remuneration Commission (SRC), Public Service Commission (PSC), and the State Department for Public Service and Human Capital Development.
CS Ruku emphasized that while different mandates may justify some variations, the principle of equity and fairness, as enshrined in the Constitution, must prevail.
“There’s no reason why individuals with the same qualifications in different government entities — for instance, within the Ministry of Agriculture and a state agency like KenGen — should earn varying salaries,” he said.
ALSO BIG THIS WEEK
- Kenya Airways (KQ) announced the resignation of John Wilson as a non-executive director
- The Social Health Authority (SHA) will now implement a flat-rate premium of Ksh660 per month for vulnerable Kenyans.
- Mi Vida Homes Limited has announced the signing of a management-led buyout agreement to acquire the business from Actis, the global sustainable infrastructure investor.
- EPRA announced new tariff adjustments that have increased key components of power pricing.
- The National Treasury and Economic Planning has directed all financial institutions, including banks and insurance companies, to register for Kenya’s new online procurement platform.
- A Central Bank of Kenya survey revealed that while some sectors plan to expand their workforce, others expect to maintain or reduce hiring due to economic uncertainties, rising operational costs, and increased taxation.
- Seven Kenyan steel companies fined Ksh287.9 million by the Competition Tribunal which upheld the Competition Authority of Kenya’s (CAK) for colluding to fix prices and restrict imports.
- The East African Breweries Plc (EABL) has announced early redemption of its Ksh11 billion corporate bond issued under the company’s 2021 Medium Term Note Programme (MTN Programme).
Currency trends
According to the Central Bank of Kenya (CBK), the Kenya Shilling remained stable against major international and regional currencies during the week ending October 9, 2025. It exchanged at Ksh129.24 per U.S. dollar on October 9, unchanged from Ksh129.24 on October 2.
CBK quoted the shilling at Ksh129.2364 against the U.S. dollar on Wednesday, October 15.
Against other major currencies, the shilling traded at:
- Sterling Pound – Ksh171.7035
- Euro – Ksh149.5976
- South African Rand – 7.4006
- Japanese Yen (100 units) – Ksh85.0295
Against regional currencies, the shilling exchanged at:
- Ugandan Shilling – Ksh26.6953
- Tanzanian Shilling – Ksh18.9962
- Rwandan Franc – Ksh11. 2314
That’s all for today’s edition of The Business Roundup. Thank you for staying informed with us., until next time.
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