The Energy & Petroleum Regulatory Authority (EPRA) has announced a reduction in the maximum retail prices of petroleum products in Kenya, effective December 15, 2024.
The move comes in response to a decline in the global price of oil, which has led to a decrease in the landed cost of imported fuel.
Key Price Reductions
- Super Petrol: Decreased by KShs. 4.37/litre
- Diesel: Decreased by KShs. 3.00/litre
- Kerosene: Decreased by KShs. 3.00/lire
The EPRA attributed the price reduction to several factors:
- Lower Global Oil Prices: A decline in international oil prices, particularly for crude oil like Murban, has positively impacted the cost of imported fuel.
- Exchange Rate Fluctuations: The exchange rate between the US dollar and the Kenyan shilling has also influenced the final price of petroleum products.
The price reduction is expected to provide relief to consumers, particularly those in the transportation and manufacturing sectors. Lower fuel prices can contribute to reduced costs of goods and services, potentially stimulating economic activity.
EPRA is responsible for regulating the petroleum sector in Kenya, including setting maximum retail prices.