The Energy Regulatory Commission (ERC) has announced a reduction in the price of a litre of petrol by a massive KSh 7.23. The price of a litre of diesel has also fallen by KSh 2.80
The reduction in fuel prices, to be effective until 14th April, 2020 is attributed to a reduction in cost of imported super petrol by 3.44 per cent from US$489 per cubic meter in January 2020 to US$ 472.59 in Feb, said the ERC in a statement.
Diesel decreased by 5.27 per cent while kerosene dropped by 14.96 per cent. ERC says Kenyans should expect even lower fuel prices in April as effects of recent crash in crude oil prices hits the Kenyan shores.
Motorists in Nairobi will now buy a litre of super petrol at KSh 110.87, diesel at KSh 101.65 and kerosene at KSh 95.46. In Mombasa, prices of a litre of petrol, diesel and kerosene will be KSh 108.41, KSh 99.17 and KSh 92.99 respectively. This is compared to Kisumu, where the price of litre of these commodities will be KSh 111.60, KSh 102.57 and KSh 96.41 respectively.
A slide in Global crude prices was triggered after Saudi Arabia and Russia, key members of the Organization of Petroleum Exporting Countries (OPEC) launched a price war over whether to cut output to support the virus hit energy sector.
Global oil prices have also plunged after a depressed demand in China and other countries due to oversupply.
A meltdown in these key bourses across the globe drove down crude oil prices by more than 20 per cent last week. Experts warn that failure to strike a deal among major oil producers on output and prices could set prices on a roll coaster in the coming months.
Figures from ERC shows that the highest prices for petrol, diesel and kerosene is in Liboi at KSh 117.80 per litre, KSh108.58 and KSh 102.39 for kerosene.
In Eldoret, the prices are KSh 111.60, KSh 102.58, and KSh 96.41 for a litre of kerosene. In Nakuru, the prices are KSh 110.63, KSh 101.61 and KSH 95.44 while in Kisumu, the maximum pump prices for a litre of petrol is KSh 111.60, diesel at 102.57 and KSh 96.41 for a litre of Kerosene.