By Shadrack Nyakoe
It is a win for Kenyans as the Energy and Petroleum Regulatory Authority (EPRA) has announced a decrease in petroleum products in its monthly review.
In a press statement, the authority stated that in accordance with Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022, EPRA has calculated the maximum retail prices of petroleum products which will be in force from 15th June 2024 to 14th July 2024.
In the period under review, the maximum allowed petroleum pump price for Super Petrol, Diesel and Kerosene decrease by KShs.3.00 per litre, KShs.6.08 per litre and KShs.5.71 per litre respectively.
The prices are inclusive of the 16% Value Added Tax (VAT) in line with the provisions of the Finance Act 2023, the Tax Laws (Amendment) Act 2020 and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020.
“The average landed cost of imported Super Petrol decreased by 1.95% from US$765.87 per cubic metre in April 2024 to US$750.95 per cubic metre in May 2024; Diesel decreased by 3.92% from US$719.21 per cubic metre to US$690.99 per cubic metre while Kerosene decreased by 6.84% from US$728.97 per cubic metre to US$679.14 per cubic metre,” stated the Authority.
“Further, the trade of petroleum products in the international markets is denominated in United States Dollars (USD), and an exchange rate is applied to convert the USD to KShs during the computation of local pump prices.”
The regulatory authority noted that the prices were inclusive of 16 percent VAT, in line with the provisions of the Finance Act 2023 and the revised rates of excise duty adjusted for inflation.
The prices of Super Petrol, Diesel and Kerosene in Nairobi will now retail at Ksh189.84, Ksh173.10 and Ksh163.05 per liter, effective midnight.