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The Energy and Petroleum Regulatory Authority (EPRA) has announced a drop in prices of super petrol and diesel by Ksh0.66 and Ksh1.12 per litre respectively.

However, the price of kerosene increases by Ksh0.35 per litre in the latest review.

Following the review, super petrol will retail at Ksh182.04, diesel at Ksh167.28 and Kerosene Ksh161.48 per litre in Nairobi. The new prices take effect at midnight, June 15, 2023.

“The prices are inclusive of 8% Value Added Tax (VAT) in line with the provisions of the Finance Act 2018, the Tax Laws (Amendment) Act 2020 and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020,” EPRA said in a statement.

According to EPRA, the average landed cost of imported super petrol decreased by 1.09% from US$724.01 per cubic metre in April 2023 to US$716.15 per cubic metre in May 2023; Diesel increased by 0.84% from US$688.07 per cubic metre to US$693.86 per cubic metre while kerosene decreased by 0.83% from US$699.54 per cubic metre to US$693.71 per cubic metre.

“The Free On board (FOB) price of Murban crude oil lifted in May 2023 was posted at US $79.55 per barrel a decrease of 4.57% from US$83.36 per barrel in April 2023. Over the same period, the mean monthly US Dollar to Kenya Shilling exchange rate depreciated by 1.75% from Kshs.138.96 per USS in April 2023 to Kshs.141.39 per US$ in May 2023,” EPRA added.

The purpose of the Petroleum Pricing Regulations is to cap the retail prices of petroleum products which are already in the country so that importation and other prudently incurred costs are recovered while ensuring reasonable prices to consumers.