‘EPRA to announce reduced fuel prices’ – Isaac Mwaura
Government Spokesperson Isaac Mwaura has promised that the Energy and Petroleum Regulatory Authority (EPRA) will announce reduced fuel prices in its monthly review.
Mwaura says the reduced prices will significantly reduce the cost of living in the country, which has been a thorn in the flesh for many Kenyans.
"A major announcement on the reduction of fuel prices shall be made today at 3:00 pm by the Energy and Petroleum Regulatory Agency (EPRA)! This will go a long way in reducing the cost of living in the country for hustlers and Kenyans at large! Truly, Kenya Kwanza led by President William Ruto is on delivering its promises," Mwaura stated.
Currently, super petrol, diesel and kerosene are retailing at Ksh199.15, Ksh190.38 and Ksh188.74 respectively.
In the March review, EPRA reduced the pump prices of super petrol, diesel and kerosene by Ksh7.21, Ksh5.09 and Ksh4.49 per litre respectively.
The average landed cost of imported super petrol increased by 5.60 per cent from US$666.16 per cubic metre in January 2024 to US$703.49 per cubic metre in February 2024.
The landed cost for diesel decreased by 0.76 per cent from US$728.23 per cubic metre to US$722,49 per cubic metre while Kerosene increased by 1.65 per cent from US$718.51 per cubic metre to US$730.35per cubic metre.
Fuel prices in Kenya have been on a sustained drop since December 2023, following a fall in global oil prices and the recent recovery of the Kenyan shilling against major international currencies.
Global fuel prices
On Friday, global oil prices spiked following reports of heightened tensions between Iran and Israel, with Iran attacking Israel on Saturday night.
The Wall Street Journal, citing American intelligence reports, revealed this development, sending shockwaves through global oil markets.
Oilprice.com reports that West Texas Intermediate (WTI) and Brent benchmarks were trading up roughly 2% on the day, with Brent reaching $91.56 and WTI reaching $87.05—the highest crude price the market has seen in nearly 7 months.
On Sunday morning, US Secretary of Defense Lloyd Austin said that US forces helped intercept dozens of Iranian drones and missiles launched against Israel from Iran, Iraq, Syria and Yemen.
Austin condemned the Iranian attack, which was in retaliation to an Israeli air raid on Tehran’s consulate in Damascus, as “reckless and unprecedented”.
“We do not seek conflict with Iran, but we will not hesitate to act to protect our forces and support the defense of Israel,” he said in a statement.
