The Energy and Petroleum Regulatory Authority (EPRA) on Thursday announced the prices of Super Petrol, Diesel and Kerosene remain unchanged in the November fuel review.
In the latest fuel review, EPRA noted that Super Petrol will continue to retail at Ksh180.66 and diesel retail at Ksh168.06. Meanwhile, Kerosene was also retained at Ksh 151.39.
EPRA further noted that the calculated maximum retail prices of petroleum products would be in force from November 15 to December 14 this year.
According to the 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 2020.
EPRA further announced that the average landed cost of imported Super Petrol had increased by 0.54 per cent from Ksh82,422 (US$637.70) per cubic metre in September 2024 to Ksh82,867 (US$641.14) per cubic metre in October 2024.
Similarly, the landing cost of diesel decreased by 4.34 per cent from 82,231 (US$636.22) per cubic metre to 78,662 (US$608.61) per cubic metre while Kerosene increased by 3.97 per cent from Ksh80,573 (US$623.390 per cubic metre to Ksh83,773 (US$648.15) per cubic metre over the same period.
"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 noted.
"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 Dollars to Kenyan shillings during the computation of local pump prices."
The announcement comes as a reprieve for most Kenyans who anticipated a hike in fuel prices following an increase in the international oil prices amidst a weakening shilling.
The Central Bank of Kenya in its weekly bulletin published on November 8, revealed that International oil prices had increased during the week following the conclusion of the US Elections.
CBK also attributed the hike in global oil prices to the draw-down of oil inventories amid easing geopolitical risks in the Middle East and Europe. "The price of Murban oil increased to USD 74.83 on November 7, 2024, from USD 72.42 on October 31, 2024," CBK announced.
EPRA's November fuel review comes hardly a month after it announced a significant drop in the prices of petroleum products. In its October review, the regulator attributed the reduction in fuel prices to the improvement in the local currency and the drop in global oil prices.
