Business

EPRA reduces fuel prices by one shilling

Fuel prices have been reduced for the month of February. (Photo by Jakub Porzycki/NurPhoto) (Photo by Jakub Porzycki / NurPhoto / NurPhoto via AFP)

By Manny Anyango | Wednesday, February 14, 2024

The changes which are effective at midnight are for the month of February.

The Energy and Petroleum Regulatory Authority (EPRA) has announced changes in fuel prices.

In the latest review, a litre of petrol will retail at Sh206.36 while diesel will be valued at Sh195.47 in Nairobi. Kerosene, on the other hand, will be sold at Sh193.23.

Keep reading

The changes which are effective at midnight are for the month of February.

In January, Super Petrol retailed at Sh207.36, Diesel at Sh196.47, and Kerosene at Sh194.23.

The new prices are inclusive of the 16 per cent Value Added Tax (VAT) as outlined by the Finance Act 2023, the Tax Laws (Amendment) Act 2020, and the revised rates for exercise duty adjusted for inflation.

Further, the regulatory authority said the average landed cost of imported Super Petrol decreased by 1.71 per cent from $677.78 per cubic metre in December 2023 to $666.16 per cubic metre in January 2024.

For Diesel, it said it decreased by 3.08 per cent from $751.15 per cubic metre to $728.03 per cubic metre while Kerosene decreased by 1.17 per cent from $727.00 per cubic metre to $718.51 per cubic metre.

“Currently, the country imports all its petroleum product requirements in refined form and the products are traded in international markets based on a pricing benchmark provided by

S&P Global Platts,” EPRA said.

This comes as the Shilling continued to soar against the US Dollar, trading at 156.7 as of Wednesday at 5PM.