The Energy and Petroleum Regulatory Authority (EPRA) has set new fuel prices for the period between March 15 and April 14, 2024.
In its monthly report released on Thursday, March 14, EPRA set the maximum price of Super Petrol per liter at Ksh199.15 in Nairobi.
One liter of Diesel will sell at Ksh190.38 in Nairobi while a liter of Kerosene will retail 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.
The announcement came moments After President William Ruto revealed during an official visit to Kericho that the prices would reduce significantly.
Fuel Prices in February
In the previous month, the authority set the maximum price of Super Petrol per liter at Ksh206.36 in Nairobi.
One liter of Diesel sold at Ksh195.47 in Nairobi while a liter of Kerosene retiled at a maximum of Ksh193.23.
“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.
On the other hand, Energy Cabinet Secretary Davis Chirchir in February announced that the ministry had increased the Energy and Petroleum Regulatory Authority (EPRA) Levy from 0.25% to 0.75%.
In a gazette notice dated February 14, 2023, Chirchir announced that the new levy rate would be effected from February 15 using the power conferred to him by the Energy Act.
“These Regulations may be cited as the Energy (Energy and Petroleum Regulatory Authority Petroleum Levy) Regulation, 2024 and shall come into operation on the 15th of February 2024,” the notice read in part.
The Levy, according to the notice, shall be paid on the petroleum products consumed in Kenya.
Also Read: Kenyans to Pay More for Fuel as Govt Raises EPRA Levy
EPRA on Reduction of Fuel Prices in Previous Months
Fuel prices in the past two months reduced because of the drop in the global oil prices.
According to the February 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.
Further, EPRA indicated that 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 had been cross subsidized with that of Super Petrol while Kerosene has been fully stabilized.
Subsequently, Oil Marketing Companies (OMCs) would be compensated for the under recovery of costs from the Petroleum Development Levy (PDL) Fund.
