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ERC Slashes Petroleum Prices In February Review

[IMAGE/ COURTESY]

The Energy Regulatory Commission (ERC) has slashed fuel prices in February  review, set to take effect from February 15 to March 14, 2019.

According to a statement from the regulator, the prices for petroleum products have decreased by:  Ksh4.12 for super petrol, Ksh6.28 diesel and  for kerosene .

“The pump for the prices are inclusive of 8% Value Added Tax (V.A.T) in line with provisions of the Finance Acts 2018,” read part of the statement.

ERC notes that the changes in this month’s prices are as a result of the average landed cost of imported super petrol decreasing by 7.23 per cent from US$ 590.92 per ton in December 2018 to US$ 548.20 per ton in January 2019.

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Diesel prices decreased by 11.29% from US$ 615.97 per ton to US$ 546.42 per ton while kerosene prices decreased by 3.92% from US$ 620.05 per ton to US$ 595.75 per ton.

“The Free On board (FOB) price of Murban crude oil lifted in January 2019 was posted at US$ 60.95 per barrel, an increase of 2.44% from US$ 59.50 per barrel in December 2018,” noted ERC.

According to the statement, the same period saw the mean monthly US dollar to Kenya Shillings exchange rate appreciated by 0.84% from Ksh102.16 per US$ in December 2018 to Ksh101.30 per US$ in January 2019.

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Written by Jael Keya

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