FUEL PRICES

Petrol price down by Sh4.76 in latest review

T he review in pump prices for petrol and diesel have decreased by Sh4.76 and Sh1.08 per litre respectively, while kerosene increased by Sh0.44 per litre.

In Summary

•Petrol will now retail at Sh108.05 in Nairobi, while diesel at Sh101.96 and kerosene at Sh101.08.

•The prices take a turn around decline despite an expectation of increase due to the drone attack on Saudi Arabia's two major oil facilities which affected a 5.6 million barrels a day production.

Fuel prices at one of the leading petrol station within the city.HEZRON NJOROGE
Fuel prices at one of the leading petrol station within the city.HEZRON NJOROGE

Motorists and industries are set to pay less for their fuel following a decline in prices in the latest review by the regulator.

According to Energy and Petroleum Regulatory Authority (EPRA), the retail prices for petrol and diesel have decreased by Sh4.76 and Sh1.08 per litre respectively, while kerosene increased by Sh0.44 per litre.

Therefore, petrol will now retail at Sh108.05 in Nairobi, while diesel at Sh101.96 and kerosene at Sh101.08.

The pump prices on the petroleum products are set to take effect from today to November 14, 2019.

The prices take a turn around decline despite an expectation of increase due to the drone attack on Saudi Arabia's two major oil facilities which affected a 5.6 million barrels a day production.

During the last mid-month review in September, the price of petrol had jumped marginally to Sh112.81 per litre in Nairobi. Diesel also rose by Sh2.44 to Sh103.04 per litre

EPRA had cut its ceiling price for kerosene by Sh3.31 per litre to stand at Sh100.64 per litre.

In a statement by EPRA, the changes in the month's prices have been as a consequence of the average landed cost of imported super petrol decreasing by 7.66 per cent from $497.36 per cubic metre in August to $459.27 in September.

Diesel decreased by 2.32 per cent from $503.61 to $491.94, while kerosene increased by 0.47 per cent from $484.29 to $486.55 per cubic metre.

The free on board price of crude oil lifted in September was $64.42 per barrel, a increase of 3.40 per cent from $62.30 in August.

The imports were on the backdrop of a mean monthly US dollar to Kenyan Shilling exchange rate which depreciated by 0.34 per cent from Sh103.44 per $1 in August to Sh103.79 in September.

The prices are also inclusive of 8 per cent Value Added Tax (VAT) in line with the provisions of the Finance Act 2018 and the revised rates for excise duty adjusted for inflation as of July 9, 2019.