Amidst the fear of the second wave of COVID-19 and the hike in the price of petrol in some countries which some attribute to the announcement of a vaccine for COVID-19, the Kenyan Energy and Petroleum Regulatory Authority (EPRA) has reduced the prices of super petrol, diesel and kerosene by Sh1.42, Sh2.21 and Sh2.10 per litre respectively.
The Authority says the new prices are due to the following reasons:
- The average landed cost of imported Super Petrol decreased by 4.4% from $331.37 in September 2020 to $316.62 per cubic metre in October 2020.
- The average landed cost of diesel decreased by 7.42% from $311.99 in September 2020 to $288.83 per cubic metre in October 2020.
- The average landed cost of kerosene also decreased by 7.42% from $282.09 in September 2020 to $261.17 per cubic metre in October 2020, while
- The free-on-board price of murban crude oil decreased by 5.17% from $42.35 per barrel in September 2020 to $40.16 per barrel in October 2020.
Below are the new prices to be paid by residents of different parts of Kenya:
- Residents of Mombasa are to pay Sh103.45 for super petrol, Sh88.31 for diesel and Sh79.25 for kerosene.
- Residents of Nakuru are to pay Sh105.56 for super petrol, Sh90.63 for diesel and Sh81.59 for kerosene.
- Residents of Eldoret are to pay Sh106.48 for super petrol, Sh91.56 for diesel and Sh82.51 for kerosene.
According to the Authority, “the purpose of the petroleum pricing regulations is to cap the wholesale and retail prices of petroleum products, which are already in the country so that importation and prudently incurred costs are recovered while ensuring reasonable prices to consumers.”