Fuel prices have drastically gone down in May 2020 review, with Super Petrol price per litre going down by Ksh9.54, Diesel by Ksh19.19 while Kerosene goes up by Ksh2.49.
In the latest Energy and Petroleum Regulatory Authority (EPRA) review, Super Petrol will now trade at Ksh83.35 and Diesel at 73.68 in Nairobi.
Kerosene price will, however, rise to Ksh79.75.
The changes will take effect at midnight.
EPRA attributed the drop to decreased prices of the weighted average cost of imported refined petroleum products.
“The changes in this month’s prices are as a consequence of the average cost of imported Super Petrol decreasing by 38.94% from $309.03 per cubic metre in March 2020 to $188.07 per cubic metre in April 2020; Diesel decreasing by 44.04% from $432.70 per cubic metre to $242.13 per cubic metre, ” said EPRA in a statement on Thursday.
Last month Super Petrol process dropped significantly making the fuel cheaper than Diesel in the country.
In the April review, Super Petrol dropped by Ksh18, diesel by Ksh4 and Kerosene Ksh18.
“It is worth noting that Diesel cargoes used in the computation of this month’s prices were procured in February 2020 when crude prices were relatively high. Accordingly, the effect of the recent crash in crude prices will be reflected in the retail price of diesel in subsequent reviews,” EPRA said in April.
The novel Coronavirus crisis across the world has seen the demand for crude oil plummet leading to the historical corrections in prices which in early March hit their lowest in nearly three decades.