Relief For Consumers as EPRA Reduces Fuel Prices by Ksh.7 in Latest Review


The Energy and Petroleum Regulatory Authority (EPRA) has announced the new fuel prices for the period beginning March 15 to April 14, 2024. 

In a statement on Thursday, March 14, EPRA announced a price reduction of Super Petrol, Kerosene and Diesel. 

The government has reduced the cost of petrol by Sh7.21 per litre, despite increased landing expenses. Prices per litre of Diesel have been cut by Sh5.09 that of Kerosene by Sh4.49.

In the monthly assessment released by the Energy and Petroleum Regulatory Authority (EPRA) for the period beginning at midnight, the landed cost of super petrol rose by 5.6 percent to $703, in contrast to the previous month.

The cost of diesel decreased by 0.76 percent to $722.49, whereas that of kerosene increased by 1.65 percent to $730.50. Consequently, in Nairobi, one liter of petrol will be priced at Sh199.15, diesel at Sh190.38, and kerosene at Sh188.74.

In Mombasa, starting midnight, the retail price for one liter of super petrol will be Sh195.97, while diesel and kerosene will be sold for Sh187.21 and Sh185.58 respectively. Fuel prices are lowest in Mombasa where the products first land when imported into the country. 

Earlier in the day, President William Ruto, during his ongoing tour of the South Rift region, assured Kenyans of further reductions in fuel prices.

Kenya is reducing fuel prices at a time when global rates are increasing due to oil-producing countries' decision to extend the daily supply cut by Sh2.2 million barrels until June.

Saudi Arabia has agreed to continue its voluntary crude production cut of 1 million barrels per day until the end of the second quarter, while Russia has committed to reducing its production and export supplies by a combined 471,000 barrels per day until June's end.

Additionally, key OPEC producers like Iraq and the UAE will prolong their voluntary production cuts of 220,000 barrels per day and 163,000 barrels per day respectively.

The fuel price-drop also coming in the midst of a global rise in prices which have gone up from $75 to $85 per barrel since the beginning of the year due to the continuing Houthi maritime attacks in the critical Red Sea route, spill-over risks of the proceeding Israel's war against Hamas in Gaza. 

The official statement did not give reasons for the huge drop, nevertheless, an insider at EPRA linked it to the fair pricing in the current G2G oil plan by Gulf firms. 

He also credited the shift to the strengthening of the shilling by nearly 30 units against the US dollar since the beginning of last month.

"Kenya is reaping the double fruits of favorable pricing in the G-to-G oil plan and appreciating shilling. This is expected to stir economic activities to lower the overall cost of living," an unauthorized source at EPRA, speaking on condition of anonymity, informed a local newspaper.

By Wednesday, the shilling maintained its upward trend against the US dollar, concluding the market session at Sh137.

This month's fuel reduction is the largest margin drop since May 2020.




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