Motorists can now breathe easy after the Energy and Petroleum Regulatory Authority (EPRA) announced a drop in fuel prices.
On Saturday, EPRA noted that Super Petrol, Diesel and Kerosene prices will starting midnight decrease by KShs 2.00 per litre, KShs 2.80 per litre and KShs 7.23 per litre respectively.
“In accordance with Section 101(y) of the Petroleum Act 2019, Legal Notice No.196 of 2010 and Legal Notice No. 26 of 2012, EPRA Kenya has calculated the maximum wholesale and retail prices of petroleum products, which will be in force from 15th March to 14th April 2020,” a statement read in part.
The significant reduction in prices was as a result of a drop in the landed cost.
For example, the average landed costs of Super Petrol decreased by 3.44% from USD489.44 per cubic meter in January 2020 to USD472.59 per cubic meter in February 2020.
The price of diesel decreased by 5.27% from USD506 per cubic meter to USD480.21 per cubic meter over the same period.
Kerosene prices decreased by 14.96% from USD459.32 per cubic meter to USD421.24 per cubic meter.
In February, Super Petrol and Diesel prices increased by Ksh2.67 and Ksh2.13 respectively, while kerosene prices dropped by 1.26.
“Taking into account the weighted average cost of imported refined petroleum products, the changes in the maximum allowed petroleum pump prices in Nairobi are as follows: Super Petrol and Diesel increase by Ksh2.67 per litre and Ksh2.13 per litre respectively while Kerosene decreases by Ksh1.26 per litre,” said EPRA.