The Energy and Petroleum Regulatory Authority (EPRA) has announced its latest fuel price review, effective from midnight on September 15, 2024, to October 14, 2024. In this update, the prices of petrol and diesel will remain unchanged, while the price of kerosene will decrease by Sh3.43 per litre. This drop is expected to provide significant relief to many households in Kenya, especially those in rural areas that rely on kerosene for cooking and lighting.
For Nairobi residents, the price of Super Petrol will stay at Sh188.84 per litre, and diesel will continue to retail at Sh171.60 per litre. These prices include the 16% Value Added Tax (VAT) as stipulated by the Finance Act 2023 and the Tax Laws (Amendment) Act 2020. The prices also reflect revised excise duty rates, which have been adjusted for inflation.
The global energy market dynamics play a major role in keeping the prices of petrol and diesel stable. According to EPRA’s Director General, Daniel Kiptoo, the average landed cost of imported Super Petrol dropped by 1.53% from $708.47 per cubic metre in July 2024 to $697.62 in August 2024. Diesel also saw a 2.95% decrease in its landed cost, dropping from $693.82 to $673.36 per cubic metre. Despite these slight reductions in landed costs, other factors like taxation and distribution expenses contributed to keeping petrol and diesel prices steady.
However, the biggest change in this review is the reduction in kerosene prices. Nairobi residents will now pay Sh158.32 per litre for kerosene, down from Sh161.75. This price reduction is due to a 5.30% decrease in the landed cost of kerosene, which fell from $705.74 to $668.34 per cubic metre. This is expected to provide relief to low-income households that rely heavily on kerosene for daily needs, particularly in rural areas and urban informal settlements where other energy sources are limited.
The price drop is not limited to Nairobi. In Mombasa, kerosene will retail at Sh155.07 per litre, while Kisumu residents will pay Sh158.72. In Nakuru and Eldoret, kerosene will cost Sh157.91 and Sh158.73 per litre, respectively. Petrol and diesel prices will vary slightly across these regions due to differences in transportation and distribution costs, with prices in Mombasa being slightly lower than those in other cities.
Fuel prices in Kenya directly impact sectors such as transportation, agriculture, and manufacturing. The stability of petrol and diesel prices is expected to offer businesses some predictability, especially those in transport and logistics. However, the ongoing high cost of fuel continues to place financial strain on motorists and businesses.
Overall, EPRA’s September fuel price review provides a mixed outlook for Kenyan consumers. While the drop in kerosene prices will ease the burden on low-income households, the unchanged petrol and diesel prices will leave motorists and businesses continuing to grapple with high fuel costs. As Kenyans keep a close watch on future price reviews, many are hoping for further reductions to mitigate the financial pressures on their everyday lives.
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