The Energy and Petroleum Regulatory Authority (EPRA) has announced a significant reduction in fuel prices for the month of February. The prices of Super Petrol, Diesel, and Kerosene have been slashed by Ksh1 per litre, bringing relief to consumers across the country.
EPRA’s statement included the following quote: “In the period under review, the maximum allowed petroleum pump price for Super Petrol, Diesel, and Kerosene decrease by KShs.1.00 per litre respectively.”
As a result, a litre of petrol will now retail at Ksh206.36, while diesel will be priced at Ksh195.47, and kerosene at Ksh193.23 in Nairobi for the next month. These new prices reflect the inclusive 16% Value Added Tax (VAT) as outlined by the Finance Act 2023 and the Tax Laws (Amendment) Act 2020.
EPRA also mentioned that the price of diesel was cross-subsidized with that of Super Petrol, while Kerosene was fully stabilized. The authority added, “Oil Marketing Companies (OMCs) will be compensated for the under-recovery of costs from the Petroleum Development Levy (PDL) Fund.”
This news comes as President Ruto continues his efforts to stabilize the economy, with the Kenyan Shilling showing signs of recovery. According to the Central Bank of Kenya, the Shilling was trading at 158.66 units against the US Dollar. The Central Bank attributed this progress to favorable diaspora remittances and a thriving tourism industry.
This fuel price reduction and the strengthening Shilling are positive indicators of President Ruto’s commitment to economic stability.
