Kenyan motorists can breathe a sigh of relief as the government announces a significant reduction in fuel prices, attributing the drop to various factors including a decline in the dollar’s value and global supply cuts.
In a statement released on Thursday, the Energy and Petroleum Regulatory Authority (EPRA) announced a reduction in fuel prices, effective immediately for the next 30 days.
Super Petrol, Diesel, and Kerosene will now retail at Ksh.199.15, Ksh.190.38, and Ksh.188.74 per litre respectively.
EPRA’s decision to cut pump prices comes as a result of multiple factors, including a notable decrease in the value of the dollar.
The authority revealed that the maximum allowed pump price for Super Petrol, Diesel, and Kerosene has been reduced by Ksh,7.21, Ksh.5.09, and Ksh.4.49 per litre respectively.
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“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,” read the statement in part.
This move follows President William Ruto’s earlier promise of relief to Kenyan citizens during his tour of the South Rift region.
It comes at a time when global fuel rates have been soaring, with oil-producing countries agreeing to extend daily supply cuts by 2.2 million barrels until June.
The reduction in fuel prices is expected to alleviate the financial burden on Kenyan motorists amidst challenging economic times.
The government’s proactive measure to alleviate fuel costs reflects a commitment to cushioning citizens from the impact of rising global oil prices.
