The Energy and Petroleum Regulatory Authority (EPRA) has announced a one-shilling-per-liter reduction for Super Petrol, Diesel, and Kerosene in Kenya. The new prices will take effect from 15 February 2024 to 14 March 2024.
EPRA attributed the price cut to the decrease in the average landed cost of imported petroleum products in January 2024. Compared to December 2023, the cost of Super Petrol decreased by 1.71%, Diesel by 3.08%, and Kerosene by 1.17%.
The regulator also mentioned that the prices include the 16% Value Added Tax (VAT), the revised rates for excise duty adjusted for inflation, and the Petroleum Development Levy (PDL).
The Petroleum Development Levy (PDL) is a fund designed to compensate oil marketing companies (OMCs) for the under-recovery of costs resulting from the cross-subsidization of Diesel with Super Petrol and the stabilization of Kerosene prices.
EPRA stated that the petroleum pricing regulations aim to cap the retail prices of petroleum products already in the country, ensuring the recovery of importation and other prudently incurred costs while maintaining reasonable prices for consumers.
The Authority also reassured the public of its ongoing commitment to fair competition and the protection of the interests of both consumers and investors in the energy and petroleum sectors.
The revised prices indicate that motorists in Nairobi will now pay Kes.206 for Super Petrol, Kes.195 for Diesel, and Kes.193 for Kerosene.
