Pump prices drops after the Energy and Petroleum Regulatory Authority revised down fuel costs


EPRA director-general Pavel Oimeke

By: Njogu Kimanjara

Drivers and households have a reason to smile after the prices of petroleum products have been revised downwards from 15th May. The prices of Kerosene has recorded the biggest margin decreased by Sh18.18 to Sh77.28 a litre in the city, according to the latest monthly prices set by EPRA.

Low-income households who rely on Kerosene stoves to cook and lamps to light up their house are the greatest beneficiary. This has come at a time when many families have suffered due to loss of jobs caused by Coronavirus pandemic.

Motorist on the other hand are a happy lot after the prices of petrol and diesel have dropped by Sh18 and Sh4.09 per litre respectively, to retail at Sh92.87 and Sh91.37 in Nairobi, down from Sh110.87 and Sh95.46 respectively.

These price drops were made possible courtesy of a fall in the price of crude oil in the international market.

The new prices will be in force for the next one month till 14th June. Motorist and households will enjoy these changes for 30 days.

“The changes in this month’s prices are as a consequence of the average landed cost of imported super petrol decreasing by 34.61 per cent from $472.59 per cubic metre in February to $309.03 per cubic metre in March; diesel decreasing by 9.89 per cent from $480.21 per cubic metre to $432.70 per cubic metre and kerosene decreasing by 37.70 per cent from to $421.24 per cubic metre to $262.44 per cubic metre,” the EPRA said in a statement.

Coronavirus pandemic and the Saudi Arabia-Russia price war that threatened to escalate oversupply have led to reduced crude oil prices globally and the effects can be felt here in Kenya.

EPRA director-general Pavel Oimeke said the effect of the recent crash in crude oil prices will be reflected in the retail price of diesel in subsequent reviews. He added that the diesel cargoes used in the computation of this month’s prices were procured in February when the crude oil prices were relatively high.

 

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