Kenya Energy Petroleum Regulatory Authority Announces October Fuel Prices, Petrol Drops By Ksh8

By Lisbeth Micheni,Kenya

The Energy and Petroleum Regulatory Authority (EPRA) on Monday issued a fresh update on prices of super petrol, kerosene and diesel as all three experienced a significant drop in the latest monthly review.

The biggest change saw Super Petrol reduce by Ksh 8.18 from Ksh 188.84 to Ksh 180.66. Diesel price was reduced by Ksh3.54, going from Ksh171.6 to Ksh 168.06.

Meanwhile, kerosene also experienced a drop, going from Ksh 158.32 to Ksh 151.39.

“In accordance with Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022, we have calculated the maximum retail prices of petroleum products, which will be in force from 15th October 2024 to 14th November 2024,” EPRA said in their statement.

EPRA further announced a substantial decrease in the landed cost of imported Super Petrol which lowered by a massive 8.59%, going from Ksh90,013.91 (USD697.62) per cubic metre in August to Ksh 82,282.43 (USD 637.70) per cubic metre in September 2024.

The landed cost of Diesel also went down by 5.52%, going from KSh 86,883 (USD673.36) per cubic metre. to KSh 82,091.47 (USD 636.22) per cubic metre.

Other towns: In Mombasa, the prices of super petrol, diesel and kerosene will retail at Ksh.177.42, Ksh.164.82 and Ksh.148.45 respectively.

Prices are marginally different in Kisumu, with consumers set to buy petrol at Ksh.180.68, diesel at Ksh.168.44 and kerosene at Ksh.151.82.

There was an expectation that fuel prices would drop, especially since the Kenyan shilling has been holding its own against the US dollar.

According to the latest exchange rates, the shilling traded at 128.50/129.50 against the dollar, which was the same rate as from last Friday, according to data from the London Stock Exchange Group.

In the last review (September), fuel prices remained the same despite a strengthening shilling and a global drop in oil demand.

The lower fuel prices also came days after the Central Bank of Kenya announced a global increase in oil prices in the last week ending October 9, with a surge in demand coupled with heightened tensions in the Middle East as key factors driving prices up.

Last week, the cost of Murban oil jumped to USD 78.62 on October 9, up from USD 76.54 just a week earlier, sparking concerns that the spike in prices would ripple into fuel prices in the new review.

EPRA DG Daniel Kiptoo speaking during a stakeholders’ forum on February 5, 2024.