Business

Petrol, diesel prices decrease by Ksh1 and Ksh2 respectively

Friday, October 14th, 2022 22:47 | By
Fuel Prices
Fuel pump used for illustration. PHOTO/Internet.

The Energy and Petroleum Regulatory Authority (EPRA) has announced the decrease in pump prices for super petrol, diesel and kerosene decreased by Ksh1, Ksh2 and Ksh1 per litre respectively.

As a result, the retail price for a litre of super petrol in Nairobi will retail for Ksh178.30, diesel for Ksh163 and kerosene for Ksh146.94.

The average landed cost of imported Super Petrol decreased by 10.60% from US$812.91 per cubic metre in August 2022 to US$726.77 per cubic metre in September 2022; Diesel decreased by 6.87% from US$949.68 per cubic metre to US$884.46 per cubic metre while Kerosene decreased by 1.82% from US$899.56 per cubic metre to US$883.22 per cubic metre.

No subsidy for petrol

A subsidy of Ksh18.15 per litre and Ksh27.47 per litre has been maintained for Diesel and Kerosene respectively in order to cushion consumers from the otherwise high prices.

"The Government will utilise the Petroleum Development Levy to compensate oil marketing companies for the difference in cost," said EPRA.

The Free On board (FOB) price of Murban crude oil lifted in September 2022 was posted at US$ 105.96 per barrel a decrease of 9.84% from US$ 117.53 per barrel in August 2022.

Over the same period, the mean monthly US Dollar to Kenya Shilling exchange rate depreciated by 2.69% from Ksh120.64 per US$ in August 2022 to Ksh123.88 per US$ in September 2022.

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