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Days after pump prices dropped to the lowest in over a year, the Ministry of Energy and Petroleum yesterday warned retail shops dispensing fuel above the current stipulated prices.

Cabinet Secretary for Energy Opiyo Wandayi regretted that the illegality has been denying consumers the benefit of reduced pump prices.

In the newly announced pump prices by the Energy and Petroleum Regulatory Authority, petrol prices fell by the largest margin of Sh8.18 a litre while diesel and kerosene prices dropped by Sh3.54 and Sh6.93 respectively

“The October 14, 2024 downward review of pump retail prices are in force from October 15, 2024 to November 14, 2024 when the next price cycle announcement will be made as per the law,” Wandayi said in a statement to newsrooms yesterday.

The CS stated that the Petroleum Act 2019 provides that petroleum operations in Kenya will be regulated by the Energy and Petroleum and the Energy Petroleum and Regulatory Authority which is also mandated by Section 101(y) of the Petroleum Act 2019 to regulate and oversee the pricing of petroleum products in the country.

Protect consumers
Additionally, Wandayi said that legal Notice No 192 of 2022 also empowers EPRA to review and adjust retail fuel pump prices to ensure fair pricing and protect consumer interests.

“As the line Ministry, we urge all retail stations in Kenya to strictly comply with the prices set by the Regulator as stipulated in the Petroleum pricing guidelines 2023. Retailers are reminded that dispensing fuel above the set maximum retail prices is an offense under the law,” he warned.

As a result of non-compliance by a section of retailers, the CS revealed that the Government will closely monitor adherence to stipulated regulations warning that the appropriate enforcement action will be taken against retail stations that are in violation of the law.

“Our priority is ensuring that consumers rights are safeguarded as well as those of investors in the sector in a fair, transparent and just environment. We also hope that Industries shall pass on the benefit of the reduced pump prices to consumers so as to reduce the burden of cost of living,” he stated, advising the public to report retail stations that violate the set pump prices to the ministry.

Pundits argue that reduced fuel prices in the country are set to ease pressure on inflation and in turn spur economic growth in the country.