The Energy and Petroleum Regulatory Authority (EPRA) announced a drop in the prices of petroleum products for the period 15th July this month to August 14th, 2024.
In this period, the price of Super Petrol per litre will drop by Kshs.1.00 while the price for one litre of Diesel drop by Kshs.1.50. The cost of kerosene fall by Kshs.1.30.
Motorists in Nairobi will now pay Kshs. 188.84 and Kshs. 171.60 for Petrol and Disease, respectively starting 15th of July. City residents will now purchase kerosene at a new retail price of Kshs.161.75.
In Mombasa, petrol, diesel, and kerosene will retail at KShs.184.66 per litre, KShs.168.43 per litre, and Kshs158.7 per litre.
“The prices are inclusive of the 16% Value Added Tax in line with the provisions of the Finance Act 2023, the Tax Laws Act 2020, and the revised rates for Excise duty adjusted for inflation as per Legal Notice No. 194 of 2020,’ reported EPRA officials.
The fall in pump prices follows the strengthening of the Kenya Shilling against the US dollar and the drop in global oil prices. Today, the shilling is exchanging at a rate of 128.7, down by 19% since mid-February.
The country imports all petroleum products from countries like Saudi Arabia, United Arab Emirates, and Oman. Thus, the strength of Kenyan shilling has a significant influence on fuel prices in the country because the petroleum products in the global markets are traded in the US dollar.
Hike in RLM
EPRA also altered the cost structure by hiking the Road Maintenance Levy for the July-August period. From July 15th, motorists will incur a levy of Kshs.25 per litre, up from Kshs.18.
The change comes despite the statement by the former Transport CS Kipchumba Murkomen that Ruto’s government would explore other avenues to get funds to maintain roads.
