The price of petrol has dropped tremendously amidst the coronavirus(COVID-19) period.
The Energy and Petroleum Regulatory Authority(EPRA) has since shared a statement of the good news that has seen Super Petrol decrease in price by Kshs. 18.00 per litre with Diesel and Kerosene decreasing by Kshs. 4.09 per litre and Kshs. 18.18 per litre respectively in Nairobi.
“Taking into account the weighted average cost of imported refined petroleum products, the changes in the maximum allowed petroleum pump prices in Nairobi are as follows; Super Petrol, Diesel and Kerosene decrease by KShs. 18.00 per litre, KShs. 4.09 per litre and KShs. 18.18 per litre respectively” the statement read in part.
The drop in retail petroleum pump prices is in result of the average landed cost of imported Super Petrol decreasing by 34.62% from USD 472.59 per cubic metre in February 2020 to USD 309.03 per cubic metre in March 2020.
“The changes in this month’s prices are as a consequence of the average landed cost of imported Super Petrol decreasing by 34.61% from US$ 472.59 per cubic metre in February 2020 to US$ 309.03 per cubic metre in March 2020; Diesel decreasing by 9.89% from US$ 480. 21 per cubic metre to US$ 432.70 per cubic metre; and Kerosene decreasing by 37.70% from US$ 421.24 per cubic metre to US$ 262.44 per Cubic metre.” the statement added.
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The Authority iterated that the purpose of the fuel pricing regulations is to cap the wholesale and retail prices of petroleum products, which are already in the country so that the importation and other prudently incurred costs are recovered while ensuring reasonable prices to consumers.
