May 23, 2024

EPRA reduces fuel prices for the month of March 2024

3 min read
EPRA reduces fuel prices for the month of March 2024

The Energy and Petroleum Regulatory Authority (EPRA) reduces fuel prices in the latest review for the month of March

The Energy and Petroleum Regulatory Authority (EPRA) reduces fuel prices in the latest review for the month of March.

In the latest review announced on Thursday, March 14, EPRA reduced Super Petrol prices by Ksh7.21. Diesel was reduced by Ksh5.09 and Kerosene by Ksh4.49.

In Nairobi, Super Petrol, Diesel, and Kerosene will now retail at Ksh199.15, Ksh190.38, and Ksh188.74 effective midnight.

“In the period under review, the maximum allowed petroleum pump price for Super Petrol, Diesel, and Kerosene decreases by Ksh7.21 per litre, Ksh5.09 per litre and Ksh4.49 per litre respectively.

“The prices are inclusive of the 16 per cent 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,” read the statement in part.

In Mombasa, a litre of Petrol will retail at Ksh195.97 while Kerosene will retail at Ksh187.21. Mombasa residents will purchase a litre of Kerosene for the next one month at Ksh185.58.

The prices 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.

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According to EPRA, the average landed cost of imported Super Petrol increased by 5.60% from US$666.16 per cubic metre in January 2024 to US$703.49 per cubic metre in February 2024.

Diesel on the other hand decreased by 0.76% from USS728.23 per cubic metre to US$722.49 per cubic metre while Kerosene increased by 1.65% from US$718.51 per cubic metre to US$730.35per cubic metre.

This comes after President William Ruto told Kenyans to expect new reduced fuel prices. 

Speaking in Kericho while launching several projects, the Head of State announced that his administration has made elaborate plans that will see the product record a decrease in retail prices.

“Even the price of fuel is going to reduce just relax. They are going to announce a new price today, so relax,” Ruto stated.

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