EPRA prices today: Relief to Kenyans as EPRA reduces fuel prices.
The Energy & Petroleum Regulatory Authority (EPRA) has announced the maximum retail prices of petroleum products which will be in force from 15th December 2023 to 14th January 2024.
In the period under review, EPRA says, the maximum allowed petroleum pump price for Super Petrol, Diesel and Kerosene will decrease by KShs.5.00 per litre, KShs.2.00 per litre and KShs.4.01 per litre respectively.
The prices, according to EPRA, are inclusive of the 16% 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% 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% from US$873.42 per cubic metre to US$826.01 per cubic metre while Kerosene decreased by 6.63% from US$813.90 per cubic mnetre to US$759.93 per cubic metre.
The changes in the landed costs are summarized in the table 1. EPRA fuel prices today
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.
Table 2 below indicates the trend of petroleum prices in the international markets.
Further, the trade of petroleum products in the international markets is denominated in the United States Dollars (USD), and an exchange rate is applied to convert the USD to KShs. during the computation of local pump prices. Table 3 indicates the trend of the USD-KShs. exchange rate in the last 12 months.
Table 3: Trend of USD-KShs Exchange rate.
The trend of the price of Murban Crude oil in the last 12 months is indicated in table 4.
Table 4: Trend of Murban Crude Oil prices in international markets.
A summary of the resultant retail prices for major towns in Kenya is provided as Annex I. Further, a detailed breakdown of the cost items for retail prices in Nairobi is provided as
Annex II for information. (EPRA fuel prices today)
The price of diesel has been cross-subsidized with that of Super Petrol and in order to further cushion the economy, the Government has 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.
