NAIROBI, Kenya- Kenyan motorists and households can breathe a sigh of relief as the Energy and Petroleum Regulatory Authority (EPRA) has announced a reduction in fuel prices.
In its latest monthly fuel review, the regulator slashed the cost of petrol, diesel, and kerosene, providing much-needed respite amid ongoing economic challenges.
Starting midnight, a liter of super petrol will retail at Sh176.29, reflecting a drop of Sh4.37. Meanwhile, diesel will cost Sh165.06, and kerosene will now retail at Sh148.39, each seeing a reduction of Sh3.
The price adjustments come even as global oil prices fluctuate. According to EPRA, the landed cost of petrol declined by 4.46pc in November to $612.53 per cubic metre, compared to October’s $641.14.
However, diesel and kerosene recorded increases of 5.76pc and 1.87pc, respectively.
The new prices include the 16pc Value Added Tax (VAT) mandated by the Finance Act 2023 and adjustments for excise duties tied to inflation under Legal Notice No. 194 of 2020.
The drop in fuel prices is expected to ease cost pressures on Kenyan households and businesses, contributing to broader economic relief. October’s inflation rate stood at a low 2.7pc, bolstered by falling prices in fuel and food commodities.
Lower fuel prices typically translate into reduced transportation costs, benefiting industries and consumers alike. For households reliant on kerosene for cooking, this price cut is a welcome reprieve amidst rising living costs.
Kenya’s latest fuel price review is a much-needed win for consumers and businesses alike. As the cost of living remains a concern, this adjustment could pave the way for better financial stability and encourage economic growth in the coming months.
