Kenyans can heave another sigh of relief after the Energy Regulatory Commission (ERC) slashed oil prices yet again in this month’s review.
According to a statement from the regulator, pump prices have decreased by; Sh4.12 for Super petrol, Sh6.28 Diesel and Sh5.20 for Kerosene.
“The pump for the prices are inclusive of 8% Value Added Tax (V.A.T) in line with provisions of the Finance Acts 2018,” read part of the statement.
Starting today, petroleum products will be cheapest in Mombasa where a liter of Super Petrol will retail at Sh97.46, diesel at Sh93.36 and kerosene at Sh93.88.
In Nairobi, a liter of Super Petrol will now retail at Sh100.09 down from Sh104.21, diesel will cost Sh95.96 down from Sh102.24 while kerosene will retail at Sh96.50 down from Sh101.70.
“The changes in this month’s prices are as a consequence of the average landed cost of imported super petrol decreasing by 7.23 percent from US$ 950.92 per ton in December 2018 to US$ 548.20 per ton in January 2019,” ERC director general Pavel Oimeke said.
In addition, over the last one month the shilling strengthened 0.84% against the dollar from 102.16 shillings per US Dollar in December 2018 to 101.30 per US Dollar in January 2019.
The new prices will be in effect until the next review on March 14.
In the January review, reduced pump prices by Sh9.33 Super petrol, Sh10.04 Diesel and Sh3.53 per litre of Kerosene.
This means in the past two months, pump prices have dropped by Sh13.50 for super petrol, Sh16.32 for diesel and Sh8.73 for kerosene.
“The commission wishes to assure members of the public of its continued commitment to the observance of fair competition and protection of the interests of both consumers and investors in the energy sector,” Oimeke said in a statement.