The Energy and Petroleum Regulatory Authority (EPRA) has cut the cost of Super Petrol, Diesel and Kerosene by Sh18, Sh4 and Sh18 per litre respectively in its monthly review.
“The changes in this month’s prices are as a consequence of the average landed cost of imported super petrol decreasing by 34.61% from US$472.59 per cubic metre in February to US$309.03 per cubic metre in March,” the statement from EPRA read.
Super Petrol will now retail at Kshs.92.87 down from KSh110.87, Diesel will retail at KSh97.56 down from KSh101.65.
Kerosene will now retail at KSh77.28 down from KSh95.49 in March effective Wednesday.
During the month of March, Diesel decreased by 9.89% from US$480.21 per cubic metre to US$432.70 per cubic metre while Kerosene decreased by 37.70% from US$421.24 per cubic metre to US$262.44 per cubic metre.
The Free on Board price of Murban crude oil lifted in March was posted at US$35.58 per barrel, a decrease of 36.58 from US$56.10 per barrel in February.
According to the Central Bank of Kenya’s Weekly Report, April 9, 2020, international oil prices remained depressed despite an agreement by Russia and OPEC to cut oil production by 10 million barrels per day.
This is due to the expected further fall in demand in April.
Murban oil price rose from USD 22.40 per barrel on April 2 to USD 25.77 per barrel on April 6 before declining to USD 24.09 per barrel on April 9.