Home News Reprieve for motorists as Super Petrol and Diesel Prices Drop

Reprieve for motorists as Super Petrol and Diesel Prices Drop

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Reprieve for motorists as Super Petrol and Diesel Prices Drop

 

In a recent review by the Energy and Petroleum Regulatory Authority (EPRA), Kenyans will experience a significant drop in fuel prices starting June 15, 2024. The price of petrol will decrease by Sh3, diesel by Sh6.08, and kerosene by Sh5.71 per litre. This adjustment brings the new prices in Nairobi to Sh189.84 for petrol, Sh173.10 for diesel, and Sh163.05 for kerosene.

 

EPRA’s Director General, Daniel Kiptoo, explained that these changes are driven by fluctuations in global oil prices and the cost of importing refined petroleum products. “We are committed to ensuring that these changes reflect the global market trends while protecting both consumers and investors in the energy sector,” Kiptoo stated. The new prices include the 16% Value Added Tax (VAT) as mandated by the Finance Act 2023 and the Tax Laws (Amendment) Act 2020.

 

The price reductions have been met with mixed reactions from the public. On Facebook, user John Wanjala commented, “Finally some good news. Every little bit helps in these tough economic times.” Conversely, Mary Njeri expressed skepticism, saying, “A few shillings drop won’t make much difference when everything else is still so expensive.” These sentiments were echoed on YouTube, where Samuel Otieno remarked, “It’s a relief but we need more substantial changes to truly feel the impact on our daily expenses”.

 

These adjustments come as a part of EPRA’s regular monthly reviews aimed at ensuring fair pricing in line with global market conditions and the local economic environment. The Authority bases its pricing decisions on the landed cost of imported petroleum products and the prevailing exchange rate. In April, EPRA had also reduced prices, with petrol seeing a drop of Sh5.31 per litre, diesel Sh10, and kerosene Sh18.68.

 

Despite the reduction, some consumers feel the changes are too minor to significantly alleviate the high cost of living. One Twitter user wrote, “The price drop is good, but let’s be honest, the cost of living is still sky-high. We need more robust measures.” This highlights the ongoing challenges faced by many Kenyans, who are grappling with inflation and other economic pressures.

 

EPRA assures the public that they are continuously monitoring the market and will make further adjustments as necessary to ensure that fuel prices remain fair and competitive. The Authority emphasized its commitment to protecting consumer interests while maintaining a stable investment climate in the energy sector.

 

While the latest price reductions are a welcome change, the overall impact on the economy and daily expenses of Kenyans will need ongoing adjustments and broader economic measures to be fully realized.

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