By Antynet Ford
The Energy and Petroleum Regulatory Authority (EPRA) has announced the reduction of petrol, diesel and Kerosene by Sh 1.
The new prices are inclusive of the 16 per cent value-added tax (VAT) as per the Finance Act 2023.
“Under Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022, the Energy and Petroleum Regulatory Authority (EPRA) has calculated the maximum retail prices of petroleum products which will be in force from 15th February 2024 to 14th March 2024.” EPRA said in their statement.
“In the period under review, the maximum allowed petroleum pump price for Super Petrol, Diesel and Kerosene decrease by Shs.1.00 per litre respectively.” The statement added.
EPRA said the average landed cost of imported Super Petrol decreased by 1.71 per cent from US$677.78 per cubic metre in December 2023 to US$666.16 per cubic metre in January 2024.
Diesel decreased by 3.08 per cent from US$751.15 per cubic metre to US$728.03 per cubic metre while Kerosene decreased by 1.17 per cent from US$727.00 per cubic metre to US$718.51 per cubic metre.
This necessitated a decline in prices.
In Nairobi, the price of petrol will retail at Sh206.36, diesel will retail at Sh195.47 and Kerosene at Sh193.23.
Super petrol will retail at Sh203.3, diesel at Sh192.41 and kerosene at Sh190.05 in Mombasa.
The regulatory authority stated that the price of Diesel has been cross-subsidized with that of Petrol while Kerosene has been fully subsidized.
They added that the Oil Marketing Companies will be compensated for the recovery costs from the Petroleum Development Levy Fund.
