Kenyans are celebrating a long-awaited relief at the pump as the Energy & Petroleum Regulatory Authority (EPRA) announced a significant drop in fuel prices.

Effective Tursday, motorists and households across the country will enjoy reduced prices for Super Petrol, Diesel, and Kerosene, bringing some much-needed ease in a time of economic strain.

The new pricing structure will see Super Petrol drop by a staggering Sh8.18 per litre, Diesel by Sh3.54 per litre, and Kerosene by Sh 6.93 per litre.

This marks a rare moment of respite for Kenyans, who have been grappling with soaring living costs amidst global economic uncertainty.

These price reductions are part of EPRA's routine review, conducted in accordance with Section 101(y) of the Petroleum Act 2019 and Legal Notice No. 192 of 2022.

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The changes take into account the weighted average cost of imported refined petroleum products and reflect the latest adjustments in global oil prices.

The decrease in pump prices comes as the average landed cost of Super Petrol plummeted by 8.59 per cent, dropping from US$697.62 per cubic metre in August 2024 to US$637.70 per cubic metre in September 2024.

Diesel saw a 5.52 per cent dip, falling from US$673.36 to US$636.22 per cubic metre, while Kerosene experienced a 6.73 per cent decline, from US$668.34 to US$623.39 per cubic metre.

Apparently, these price cuts still come inclusive of the 16 per cent Value Added Tax (VAT), as stipulated under the Finance Act 2023 and the Tax Laws (Amendment) Act 2020, along with inflation-adjusted excise duty rates outlined in Legal Notice No. 194 of 2020.

For many Kenyans, this reduction couldn’t have come at a better time. With transportation costs expected to decrease, there is hope that the price cut will have a ripple effect, lowering the cost of goods and services across the board.

However, some remain cautious, fearing that global market volatility may soon reverse these gains.

Nevertheless, for now, Kenyans can breathe a sigh of relief as the new prices take effect from Tuesday and will remain in place until 14th November 2024.