The Energy Petroleum and Regulatory Authority (EPRA) has announced a reduction in the prices of Super Petrol, Diesel, and Kerosene in response to the global decrease in crude oil prices, the
The prices have been lowered by Ksh.5, Ksh.2, and Ksh.4.01 respectively, a move that is set to bring relief to consumers amidst the economic challenges.
Starting from midnight, residents of Nairobi will experience the effect of these changes.
Super Petrol will now retail at Ksh.212.36, Diesel at Ksh.201.47, and Kerosene at Ksh.199.05.
These new prices will be effective for the next 30 days, providing a temporary respite for motorists and households alike.
Impact of Global Crude Oil Prices
The recent dip in crude oil prices has provided an opportunity for EPRA to pass on the benefits to the consumers. This price reduction is a direct result of the global market dynamics and their influence on local economies.
Oil prices have dropped globally in the last quarter of the year due to among other factors, oversupply due to rising Russian flows, and concerns that supply is outpacing demand.
Brent traded near $73 with Russia’s seaborne crude exports reaching their highest level since early July.
Crude has declined by 25% since September, with OPEC+’s output cuts failing due to skepticism, Chinese consumption growth slowing, and US recession potential.
While the reduction in fuel prices is a welcome relief, prices can fluctuate based on a variety of factors, including geopolitical events, supply-demand dynamics, and economic indicators.