EPRA reduces diesel and petrol by 1 shilling.

The Energy and Petroleum Regulatory Authority has reduced the price of petrol, diesel and kerosene prices by Sh1.

EPRA said the new prices are inclusive of the 16 per cent 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.

“In accordance with 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,” the statement read.

“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.”

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.

In Nakuru super petrol will retail at Sh205.35, diesel at Sh194.88 and kerosene at Sh192.66.

Super petrol will retail at Sh206.12, diesel at Sh195.65 and kerosene at Sh193.43 in Eldoret.

According to EPRA, the price of Diesel has been cross-subsidized with that of Super Petrol while Kerosene has been fully stabilized.

EPRA said that Oil Marketing Companies (OMCs) will be compensated for the under-recovery of costs from the Petroleum Development Levy (PDL) Fund.

“The purpose of the Petroleum Pricing Regulations is to cap the retail prices of petroleum products which are already in the country so that importation and other prudently incurred costs are recovered while ensuring reasonable prices to consumers,” EPRA said.

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