EPRA Announces October Fuel Prices, Petrol Drops by Ksh 8

The Energy and Petroleum Regulatory Authority (EPRA) on Monday, October 14, provided a fresh upgrade on rates of extremely fuel, kerosene and diesel in its most recent testimonial.

The greatest adjustment saw Super Petrol decrease by Ksh 8.18 from Ksh 188.84 to Ksh 180.66. Diesel cost decreased by Ksh 3.54, going from Ksh 171.6 to Ksh 168.06.

Meanwhile, kerosene likewise experienced a mild decrease, going from Ksh 158.32 to Ksh 151.39.

According to the power regulatory authority, the rates were comprehensive of the 16 percent Value Added Tax (BARREL) in accordance with the arrangements of the Finance Act 2023, and the Tax Laws Amendment Act of 2020.

EPRA additionally revealed a significant decline in the landed expense of imported Super Petrol which reduced by a substantial 8.59%, going from Ksh 90,013.91 (USD697.62) per cubic metre in August to Ksh 82,282.43 (USD637.70) per cubic metre in September 2024.

The landed expense of Diesel likewise decreased by 5.52%, going from KSh 86,883 (USD673.36) per cubic metre. to KSh 82,091.47 (USD636.22) per cubic metre.

There was an assumption that gas rates would certainly go down, particularly because the Kenyan shilling has actually been holding its very own versus the United States buck. According to the current currency exchange rate the shilling traded at 128.50/ 129.50 versus the buck, which coincided price as from last Friday, according to information from the London Stock Exchange Group.

In the last testimonial (September), fuel prices remained the same in spite of an enhancing shilling and an international decrease in oil need.

The reduced gas rates likewise came days after the Central Bank of Kenya revealed a global increase in oil prices in the recently finishing October 9, with a rise sought after paired with enhanced stress in the Middle East as crucial elements driving rates up.

Last week, the expense of Murban oil leapt to USD 78.62 on October 9, up from USD 76.54 simply a week previously, triggering worries that the spike in rates would certainly surge right into gas rates in the brand-new testimonial.