Kenyan motorists will enjoy the largest drop in fuel prices in over two years as the global market for crude oil continues to decline.
The Energy and Petroleum Regulatory Authority (EPRA) announced that a litre of super petrol will cost Ksh212.36 ($1.39) in Nairobi, down from Ksh217 ($1.42) in the previous month.
Diesel prices will also decrease from Ksh203.47 ($1.33) to Ksh201.47 ($1.31) per litre.
The new prices will be effective between December 15 this year and January 14, 2023.
“The price of diesel has been cross-subsidized with that of super-petrol and in order to further cushion the economy, the government has opted to stabilize the resultant diesel price. Government and the National Treasury has identified resources within the current resource envelope to compensate the Oil Marketing Companies,” said EPRA Director General, Daniel Kiptoo.
The last time fuel prices fell by a similar margin was in October 2021, when super petrol and diesel prices were reduced by Ksh5 and Ksh5.6 per litre respectively, following a slump in crude oil demand amid the COVID-19 pandemic.
“The prices are inclusive of the 16 per cent Value Added Tax (VAT) in line with the provisions of the Finance Act. 2023, the Tax Laws (Amendment) Act 2020, and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020,” EPRA announced.
