The Energy & Petroleum Regulatory Authority (EPRA) on Thursday revealed the maximum retail prices of petroleum products for the upcoming month.
These prices will be effective from 15th December 2023 to 14th January 2024.
According to EPRA, the maximum allowed pump prices for Super Petrol, Diesel, and Kerosene have all decreased.
Specifically, Super Petrol will now cost Sh 5.00 less per litre, while Diesel will see a reduction of Sh 2.00 per litre.
Kerosene prices have also decreased by sh 4.01 per litre.
These revised prices have taken into account the 16 per cent Value Added Tax (VAT) imposed by the Finance Act 2023.
This is along with the revised rates for excise duty, adjusted for inflation.
EPRA further disclosed that the average landed cost of imported Super Petrol has witnessed a significant decline of 16.11 per cent-
from October to November 2023.
Similarly, Diesel decrease by of 5.43 percent while Kerosene prices have dropped by 6.63 per cent during the same period.
These changes reflect the fluctuations in the international markets, where the country imports its petroleum products in refined form.
EPRA noted that the prices of petroleum products are determined based on pricing benchmarks provided by S&P Global Platts.
The international markets have seen varying trends in the prices of super petrol, diesel, and kerosene.
Over the past decade, the price of Murban Crude Oil, has also experienced fluctuations in the international markets.
In order to stabilize the price of diesel, the government has implemented cross-subsidization with the price of petrol.
Furthermore, a breakdown of cost items for retail prices in Nairobi is available in Annex II.
