Fuel prices have gone down according to the Energy and Petroleum Regulatory Authority. The authority has revised the prices and settled at Super Petrol, Diesel and Kerosene decreasing by Sh 5.00 per litre, Sh 2.00 per litre and Sh 4.01 per litre respectively.
This means that a litre of petrol, diesel, and kerosene will now retail at Sh212.36, Sh201.47, and Sh199.05 in Nairobi.
EPRA said it calculated the new retail prices of petroleum products which will be in force from December 15, 2023 to January 14, 2024 in accordance with Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022, according to EPRA.
EPRA said the 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.
“The average landed cost of imported Super Petrol decreased by 16.11 per cent from US$827.75 per cubic metre in October 2023 to US$694.44 per cubic metre in November 2023; Diesel decreased by 5.43 per cent from US$873.42 per cubic metre to US$826.01 per cubic metre while Kerosene decreased by 6.63 per cent from US$813.90 per cubic metre to US$759.93 per cubic metre,” EPRA said Thursday.
The energy regulator explained that the country imports all its petroleum product requirements in refined form. It noted that a pricing benchmark provided by S&P Global Platts provides a basis for the prices.
To further cushion the economy, EPRA explained it cross-subsidized diesel with Super Petrol adding that the government had opted to stabilize the resultant diesel price.
“Government through the National Treasury has identified resources within the current resource envelope to compensate Oil Marketing Companies,” EPRA said.
This decrease comes days after the President said that the country is on the right track in terms of the economy hence citizens should not worry.
In remarks delivered on Tuesday when he led national celebrations to mark the 60th independence day anniversary, President Ruto said Kenya was on the right trajectory.
He pointed to economic indicators reporting inflation down to 6.8 per cent and GDP growing at 5.4 per cent over a six-month period, making Kenya the 29th fastest growing economy in the world according to the World Bank.
“There is no question about it: What we have done together, the price we have paid together, and the sacrifices we have made together have rescued our country from an economic catastrophe,” Ruto affirmed.
He called for collective responsibility to match Kenya’s economic progress with democratic and political achievements attained since independence.
“Sixty years ago, we certainly were far from where we are today. The progress we have made is undeniable,” he said.
