Kenyans will now breath a sigh of relief after the Energy Regulatory Commission reduced pump prices in its latest review.
In the new revised prices posted by the Energy Regulatory Commission, Super Petrol, Diesel and kerosene have decreased by Sh9.33, Sh10.04 and Sh3.53 per litre respectively.
In Nairobi, a litre of Super Petrol will now retail at Sh104.21 down from Sh113.54 in December, 2018. A litre of Diesel has also gone down from Sh112.28 in the last review to Sh102.24.
Kerosene has also reduced to Sh101.70 from the previous Sh105.22 per litre. This the commission said is an equivalent of 14.87 percent, 14.71 percent and 8.62 percent in the same order.
“The changes in this month’s prices have been as a consequence of the average landed cost of imported Super Petrol decreasing by 14.87 percent from US$694.18 per ton in November to US$590.92 per ton in December,” a statement to newsroom read.
The commission said the new prices are inclusive of Value Added Tax at 8 per cent in line with the provisions of the Finance Act 2018.
“The commission wishes to assure members of the public of its continued commitment to the observance of fair competition and protection of the interests of both consumers and investors in the energy sector,” read part of the statement signed by DG Robert Oimeke.
The purpose of the fuel pricing regulations he said is to cap pump prices of the products which are already in the country so that importation and other prudently incurred costs are recovered.