The Energy and Petroleum Regulatory Authority (EPRA) has announced new fuel prices for Petrol, Kerosene, and Diesel for the period between November 15 and December 14, 2024.
EPRA in its monthly review report released on Thursday, November 14, announced that the prices of Super Petrol, Diesel, and Kerosene remained unchanged.
“In Nairobi, Super Petrol, Diesel and Kerosene will continue to retail at Kshs.180.66, Kshs.168.06 and Kshs.151.39 for the next 30 days,” EPRA announced.
“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.”
On how the amount was reached, EPRA indicated “The average landed cost of imported Super Petrol increased by 0.54% from US$637.70 per cubic metre in September 2024 to US$641.14 per cubic metre in October 2024; Diesel decreased by 4.34% from US$636.22 per cubic metre to US$608.61 per cubic metre while Kerosene increased by 3.97% from US$623.39 per cubic metre to US$648.15 per cubic metre over the same period.”
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.
“EPRA wishes to assure the public of its continued commitment to the observance of fair competition and protection of the interests of both consumers and investors in the energy and petroleum sectors,” the Authority added.
Global Oil Prices Increase
EPRA’s prices come after the Central Bank of Kenya (CBK) announced that global oil prices increased during the week ending November 7.
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In its weekly report on November 8, CBK stated that oil prices increased to $74.83 (Ksh9,686.74) on November 7 from $72.42(Ksh9,374.77) on October 31.
CBK explained that the rise in international oil prices came following the conclusion of the United States Elections in which Republican Donald Trump emerged victorious.
The Central Bank also said that the rise reflected a draw-down of oil inventories amid easing geopolitical risks in the Middle East and Europe.
Notably, the EPRA report comes after the Committee on Delegated Legislation, chaired by Ainabkoi Member of Parliament Samuel Chepkong’a earlier in the month approved a legal notice to raise the road maintenance levy by Ksh10 to Ksh28 per liter for petrol and diesel.
While concerns were raised about the impact on fuel prices, the Ministry of Roads and Transport assured that petrol and diesel prices will remain stable.
The levy, unchanged since 2016, is expected to boost funds for road maintenance, which currently generates around Ksh80 billion annually.
EPRA August-October Prices fuel prices
In its October report, EPRA announced that the maximum allowable pump prices for Super Petrol, Diesel, and Kerosene would be reduced by Ksh8.18, Ksh3.54, and Ksh6.93 per litre.
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The maximum retail prices for Super Petrol, Diesel, and Kerosene were capped at Ksh180.66, Ksh168.06, and Ksh151.39 per litre, respectively, for the cycle.
On the other hand, the Petroleum regulatory authority had in its September report announced unchanged maximum allowable pump prices for Super Petrol and Diesel, while the price of Kerosene decreased by Ksh3.43 per litre.
The maximum retail prices for Super Petrol, Diesel, and Kerosene were capped at Ksh188.84, Ksh171.60, and Ksh158.32 per litre, respectively, for the cycle.
Similarly, in the August cycle, EPRA maintained the prices for Super Petrol, Diesel, and Kerosene from the July report.
This kept the prices at Ksh188.84 for Super Petrol, Ksh171.60 for Diesel, and Ksh161.75 for Kerosene per litre in Nairobi between August 15 and September 14, 2024.
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