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Economy

Relief for motorists as petrol prices drop by Sh4.76 per litre

Diesel slightly dropped by Sh1.08 while kerosene prices increased by Sh0.44 per litre respectively
Diesel slightly dropped by Sh1.08 while kerosene prices increased by Sh0.44 per litre respectively, making the two products retail at Sh101.96 and Sh101.08 respectively. FILE PHOTO | NMG 

Motorists will this month enjoy much lower pump prices after the Energy and Petroleum Regulatory Authority revised down fuel prices by Sh4.76 per litre, representing a major drop after months of increase.

Diesel slightly dropped by Sh1.08 while kerosene prices increased by Sh0.44 per litre respectively, making the two products retail at Sh101.96 and Sh101.08 respectively.

“The changes in this month’s prices have been as a consequence of the average landed cost of imported super petrol decreasing by 7.66 percent from $497.36 per cubic metre in August to 459.27 per cubic metre in September,” said EPRA Director-General Pavel Oimeke.

“Over the same period, the mean monthly US dollar to Kenya shilling exchange rate depreciated by 0.34 percent from Sh103.44/$ in August to 103.79/$ in September.”

Nairobi motorists will now pay for Sh108.05 for a litre of petrol down from the Sh112.81 it was retailing at.

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The decrease in petrol prices is the biggest margin since the beginning of the year when petrol prices dropped by Sh9.33 from the Sh113.54 in December 2018.

The reduced prices defied expectations that the prices would go up since the EPRA import data for the previous month (September), which was characterised by depressed output following a drone attack on the Saudi Oil fields.

The attack had targeted the Khurais oilfield, which produces about one percent of the world's oil, and Abqaiq which is the company's largest facility — with the capacity to process seven percent of the global supply.

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