- EPRA announced a reduction in retail petroleum prices from October 15 to November 14, 2024
- Super Petrol, Diesel, and Kerosene prices will decrease due to falling global oil prices and exchange rate adjustments
- Reductions in pump prices include Super Petrol by Sh8.18 per litre, Diesel by Sh3.54 per litre, and Kerosene by Sh6.93 per litre
The Energy and Petroleum Regulatory Authority (EPRA) has announced a reduction in retail petroleum prices effective from October 15 to November 14, 2024.
The new rates reflect a substantial decrease in the cost of Super Petrol, Diesel, and Kerosene, attributed to falling global oil prices and exchange rate adjustments.
According to a press release from EPRA Director General Daniel Kiptoo Bargoria, the prices of Super Petrol will reduce by Sh8.18 per litre, Diesel by Sh3.54 per litre, and Kerosene by Sh6.93 per litre.
In Nairobi the maximum pump prices are Sh180.66 for Super Petrol, Sh168.06 for Diesel and Sh151.39 for Kerosene.
This reduction is largely driven by an 8.59% decline in the landed cost of Super Petrol, which now stands at US$637.70 per cubic metre, down from US$697.62 in August 2024.
Diesel saw a 5.52% decrease, and Kerosene dropped by 6.73%.
The reductions also come as a result of the stabilisation of the USD-Kenya Shilling exchange rate, which plays a critical role in the pricing of imported petroleum products.
The prices are inclusive of the 16% VAT, in line with the provisions of the Finance Act 2023 and the Tax Laws (Amendment) Act of 2020.
EPRA assured Kenyans that the regulations are in place to ensure that importation and related costs are recovered while keeping prices reasonable for consumers.
This move is aimed at protecting both consumers and investors within the energy and petroleum sectors.
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The reduction in pump prices is expected to provide much-needed financial relief, particularly as the cost of living has remained high for many Kenyans.