Kenyans will experience a subtle reprieve at the pumps as the Energy & Petroleum Regulatory Authority (EPRA) announces the reviewed maximum retail prices for petroleum products.

This review is effective from 15th November 2023 to 14th December 2023, in accordance with Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022.

In this regulatory update, EPRA confirmed that the maximum allowed petroleum pump price for Super Petrol will remain unchanged, ensuring stability in this segment of the market.

However, noteworthy adjustments have been made for Diesel and Kerosene, both experiencing a reduction of Sh2.00 per litre during the specified period.

EPRA emphasized that the published prices include the 16 per cent Value Added Tax (VAT), adhering to the provisions of the Finance Act 2023, the Tax Laws (Amendment) Act 2020, and the revised rates for excise duty adjusted for inflation according to Legal Notice No. 194 of 2020.

Examining the international market dynamics, EPRA disclosed that the average landed cost of imported Super Petrol witnessed a 2.81 per cent increase, rising from US$805.14 per cubic metre in September 2023 to US$827.75 per cubic metre in October 2023.

Diesel experienced a 3.28 per cent upswing, climbing from US$845.72 per cubic metre to US$873.42 per cubic metre. Conversely, Kerosene recorded a 6.31 per cent decrease, dropping from US$868.70 per cubic metre to US$813.90 per cubic metre during the same period.

It is also important to note that the country exclusively imports all its petroleum products in refined form, with international trade relying on pricing benchmarks provided by S&P Global Platts.

In this specific review, EPRA considered cargoes based on the average September 2023 Platts price, differentiating them from those in October 2023.

The evaluation centred around cargoes discharged at the Port of Mombasa between the 10th day of October 2023 and the 9th day of November 2023, as specified in the Petroleum (Pricing) Regulations, 2022.

Furthermore, EPRA underscored the influence of the USD-KShs. the exchange rate on local pump prices.

The fluctuations in the exchange rate over the last 12 months contribute significantly to the final computation of petroleum product prices in the local market.