EPRA Announces New Petroleum Prices

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The adjustments also consider the Tax Laws (Amendment) Act 2020 and updated rates for excise duty, which have been modified to account for inflation

By Robert Mutasi

The Energy and Petroleum Regulatory Authority (EPRA) has released its latest announcement regarding the retail prices of petroleum products, effective from October 15 to November 14, 2024.

This update aligns with Section 101(y) of the Petroleum Act 2019 and Legal Notice No. 192 of 2022, reflecting changes based on the weighted average cost of imported refined petroleum products.

In a significant move for consumers, the EPRA has confirmed reductions in the maximum allowed pump prices for key petroleum products in Nairobi. Super Petrol will decrease by KShs 8.18 per litre, bringing the new price to KShs 180.66.

Diesel will see a reduction of KShs 3.54, with the retail price now set at KShs 168.06. Kerosene prices will drop by KShs 6.93 per litre, resulting in a new price of KShs 151.39.

These changes are inclusive of the 16% Value Added Tax (VAT) as stipulated in the Finance Act 2023.

The adjustments also consider the Tax Laws (Amendment) Act 2020 and updated rates for excise duty, which have been modified to account for inflation, as detailed in Legal Notice No. 194 of 2020.

The adjustment reflects EPRA’s commitment to ensuring fair pricing in the energy sector, while also promoting transparency and accountability.

EPRA urges consumers to be aware of these changes and to report any discrepancies in pricing at local fuel stations.

The authority continues to monitor the market closely and will make further adjustments as necessary to align with global oil price trends.

For more details, the full press release can be accessed through the provided link . The changes are expected to have a positive impact on transport costs and, by extension, the prices of goods and services across various sectors in the economy.

As the nation navigates through fluctuating global oil prices and their effects on local markets, the latest reductions in petroleum costs are a welcome development.

Consumers are encouraged to take advantage of these new rates, while EPRA remains dedicated to providing ongoing updates to ensure the public is well-informed about changes in the energy sector.

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