The Energy and Petroleum Regulatory Authority (EPRA) has officially announced a reduction in fuel prices for the period from October 15 to November 14, 2024. This review brings welcome relief to consumers following recent price hikes, reflecting changes in international oil prices and fluctuations in foreign exchange rates.
The new prices will take effect from midnight on October 15, 2024, with the following adjustments for major cities:
| City | Super Petrol (KES/litre) | Diesel (KES/litre) | Kerosene (KES/litre) |
|---|---|---|---|
| Nairobi | 180.66 | 168.06 | 151.39 |
| Mombasa | 177.42 | 164.82 | 148.15 |
| Nakuru | 179.87 | 167.63 | 151.01 |
| Eldoret | 180.68 | 168.45 | 151.82 |
In Nairobi, the price of Super Petrol has been reduced by KES 8.18 per litre, offering the most significant relief to motorists. Diesel, widely used in public transport and logistics, has dropped by KES 3.54 per litre, while Kerosene, essential for many households, has also decreased by KES 6.93 per litre.
The price cuts are largely attributed to falling landed costs of imported petroleum products, as outlined by EPRA. The regulator revealed the following changes between August and September 2024:
| Product | August 2024 (USD/Cubic Metre) | September 2024 (USD/Cubic Metre) | Change (%) |
|---|---|---|---|
| Super Petrol | 697.62 | 637.70 | -8.59 |
| Diesel | 673.36 | 636.22 | -5.52 |
| Kerosene | 668.34 | 623.39 | -6.73 |
EPRA noted that the reductions reflect easing global oil prices, which directly impact Kenya’s pump prices, as the country imports all petroleum products in refined form. These prices are determined based on international market benchmarks.
The new prices include the 16% Value Added Tax (VAT), as mandated under the following legislation:
- Finance Act 2023
- Tax Laws (Amendment) Act 2020
- Legal Notice No. 194 of 2020, which adjusts excise duty to account for inflation.
Conclusion
With these adjustments, consumers will benefit from lower fuel prices for the next month, providing some relief amid a volatile economic landscape. EPRA remains committed to monitoring global oil trends and exchange rate fluctuations, ensuring that future reviews reflect any further changes in the market.
These new prices will remain in effect until November 14, 2024, with the next review expected mid-November.
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