EPRA reduces fuel prices by Ksh1

Wednesday, February 14th, 2024 18:39 | By
Fuel pump used for illustration. PHOTO/Total Energy.
Fuel pump used for illustration. PHOTO/Total Energy.

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

In a statement on Wednesday, February 14, 224, EPRA announced the reduction of fuel prices by Ksh1 for petrol, diesel and kerosene.

"In accordance with Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022, EPRA has calculated the maximum retail prices of petroleum products, which will be in force from 15th February to 14th March 2024," EPRA stated.

In Nairobi, super petrol, diesel and kerosene will now retail at Ksh206.36, Ksh195.47 and Ksh193.23 respectively effective midnight for the next 30 days.

"The prices are inclusive of the 16% Value Added Tax (VAT) in line with the provisions of the Finance Act 2023, the Tax Laws (Amendment) Act 2020 and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020," EPRA added.

The average landed cost of imported super petrol decreased by 1.71% from US$677.78 per cubic metre in December 2023 to US$666.16 per cubic metre in January 2024.

Diesel decreased by 3.08% from US$751.15 per cubic metre to US$728.03 per cubic metre while kerosene decreased by 1.17% from US$727.00 per cubic metre to US$718.51 per cubic metre.

Currently, the country imports all its petroleum product requirements in refined form and the products are traded in international markets based on a pricing benchmark provided by S&P Global Platts.

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