Kenyans are breathing a sigh of relief after the Energy and Petroleum Regulatory Authority (EPRA) announced a drastic reduction in the prices of super petrol, diesel and kerosene.

According to the latest EPRA review, the maximum allowed pump prices for Super Petrol, Diesel, and Kerosene will decrease by Sh7.21, Sh5.09, and Sh4.49 per litre, respectively.

The new reduced petroleum pump prices take effect from midnight Friday March 15, 2024 and will remain in effect until the midnight of April 14, 2024.

“In the period under review, the maximum allowed petroleum pump price for Super Petrol, Diesel and Kerosene decrease by Sh7.21 per litre, Sh5.09 per litre and Sh4.49 per litre respectively,” the EPRA statement reads.

The prices are inclusive of a 16 Value Added Tax (VAT) as mandated by the Finance Act 2023, the Tax Laws (Amendment) Act 2020, and the revised excise duty rates.

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The average landed cost of imported Super Petrol saw a 5.60 per cent increase, rising from US$666.16 per cubic metre in January 2024 to US$703.49 per cubic metre in February 2024. This price hike seemingly contradicts the decrease in pump prices.

However, the decrease in Diesel (-0.76 per cent) and Kerosene (+1.65 per cent) landed costs likely played a significant role in the overall price reduction.

EPRA's pricing formula considers a combination of factors, including landed costs, taxes, and margins, to determine the final pump price for consumers.

This price decrease will provide some much-needed financial relief to Kenyans who rely on these fuels for transportation and other essential needs.