The Energy and Petroleum Regulatory Authority (EPRA) on Saturday announced that the prices of Super Petrol and Diesel will remain unchanged in the September review.
Following EPRA's announcement, Super Petrol will retail at Ksh188.84, Diesel at Ksh171.60 while Kerosene will retail at Ksh158.32 after it decreased by Ksh3.43 per litre.
According to the energy regulator, the prices were inclusive of the 16 per cent Value Added Tax (VAT) in line with the provisions of the Finance Act 2023, and the Tax Laws Amendment Act of 2020.
In a statement, EPRA noted that the calculated maximum retail prices of petroleum products would be in force from September 15, 2024, to October 14 of this year.
EPRA further announced a decrease in the landed cost of imported Super Petrol which edged lower by 1.53% from Ksh91,300 (US$708.47 )per cubic metre in July 2024 to 89,938 (US$697.62) per cubic metre in August.
Meanwhile, the landed cost of Diesel decreased by 2.95% from Ksh89,528 (US$693.82) per cubic metre to 86,900 (US$673.36) per cubic metre.
"Currently, Kenya imports all its petroleum product requirements in refined form and the products are traded in international markets based on a pricing benchmark," EPRA stated.
"Further, the trade of petroleum products in the international markets is denominated in United States Dollars and an exchange rate is applied to convert the US Dollar to Ksh during the computation of local pump prices."
The decision to retain the fuel prices at the same levels compared to the previous month comes as a shock for many Kenyans who anticipated a drop in the prices.
Most Kenyans had expected a drop in the prices following the reduction in international oil prices amidst the shilling's stability over the last one month.
In its weekly bulletin published on Friday, September 13, the Central Bank noted that International oil prices declined marginally during the week ending September 12, due to a slowdown in global oil demand.
“The Murban oil price declined to USD 72.34 per barrel on September 12 from USD 72.99 per barrel on September 5,” the Central Bank stated in its weekly report.
