The Energy and Regulatory Authority (EPRA) has eased the pain of Kenyans during the festive season by lowering fuel prices, in changes to run upto mid-January next year.
- •Super Petrol will retail Sh 5 less the last month price, while Diesel and Kerosene have been lowered by Sh2 and Sh4.01 per litre respectively.
- •In Nairobi, Super Petrol will retail at Sh212.36 per litre, Diesel and Kerosene will sell at Sh201.47 and Sh199.05 per litre respectively.
- •Kenya currently imports all its petroleum product requirements in refined form and the products are traded in international markets based on a pricing benchmark provided by S&P Global.
“The price of diesel has been cross-subsidized with that of super-petrol and in order to further cushion the economy, the government has opted to stabilize the resultant diesel price. Government ahd the National Treasury has identified resources within the current resource envelope to compensate the Oil Marketing Companies,” said EPRA Director General, Daniel Kiptoo.
The trade of petroleum in the international markets is denominated in in USD, and an exchange rate is applied to convert the USD to Kenya Shillings during the computation of local pump prices.
- •The average landed cost of imported Super Petrol decreased by 16.11 per cent from US$827.75 per cubic metre in October to US$694.44 per cubic metre in November.
- •Diesel decreased by 5.43 per cent from US$873.42 per cubic metre to US$826.01 per cubic metre.
- •Kerosene decreased by 6.63 per cent from US$813.90 per cubic metre to US$759.93 per cubic metre.
Earlier this month, the Opposition leader leader Raila Odinga called on the government to reduce the fuel prices by at least Sh50, citing a drop in the global oil prices.
“We are aware that global fuel prices have dropped by a large margin. We demand that local pump prices also reduce. The reduction should not be by a mere Sh5 to cheat Kenyans but by as much as Sh48 to Sh50,” said Raila.
Kenya In No Rush to Have Strategic Fuel Reserves – Kenyan Wallstreet
