Kenyans can now breath a sigh of relief after the cost of fuel has been reduced in the latest review by the Energy and Petroleum Regulatory Authority (EPRA).
EPRA has announced that the cost of 1 litre of Kerosene has dropped by the biggest margin of Ksh. 7.28. Super petrol, mostly used by motorists, has dropped by Ksh. 5 per litre.
Diesel, widely used in the transport and agricultural sector has also dropped by an equal margin of Ksh. 5, a move that is likely to tame the cost of living inflation that has been witnessed in recent months.
The adjustments now puts new pump prices at Ksh. 129.72 per litre of petrol in Nairobi, down from Ksh. 134.72.
That of diesel drops to Ksh. 110.60 from Ksh. 115.60 while kerosene will now retail at Ksh. 103.54 per litre, down from Ksh. 110.82 until November 14, for a new price review.
Data from the Monthly Kenya National Bureau of Statistics (KNBS) shows that inflation rose to 6.91% in September, from 6.57% in August.
The drop in fuel prices comes despite an increase in the landed cost of petrol and diesel, where that of petrol increased by 1.71% from Ksh. 60,813.12 (USD 548.36) per cubic metre in August to Ksh. 61,853.37 ($557.74) in September.
Diesel increased by 3.10% from Ksh. 54,286.66 ($489.51) per cubic metre to Ksh. 56,412.61 ($508.68).
The cost of importing kerosene however dropped by 4.1% to Ksh. 52,982.48 ($477.75) from Ksh. 55,249.27 ($498.19) per cubic metre.
“The government will utilise the Petroleum Development Levy to cushion consumers from the otherwise high prices,” EPRA director general Kiptoo Bargoria said in a statement Thursday afternoon.