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Relief for battered motorists as pump prices drop

BUSINESS
By Hillary Orinde | March 14th 2020

A motorist fuels at a petrol station in 2015. [File, Standard]

From this midnight you will pay Sh2 less for a litre of super petrol in a first price reduction at the pump in 2020.

This is after the Energy and Petroleum Regulatory Authority (EPRA) revised down the prices in its latest review of maximum pump prices.

Households that use kerosene will enjoy the biggest drop after Sh7.23 was slashed from this month’s price.

The price of diesel will decline by Sh2.80.

EPRA said the reductions was as a result of the fall in the global average price of crude oil in February when “the crude oil price was still high”.

“The changes in this month’s prices are as a consequence of the average landed cost of imported super petrol decreasing by 3.44 per cent from US$ 489.44 per cubic metre in January 2020 to US$ 472.59 per cubic metre in February 2020,” the regulator said in a statement.

"Diesel decreased by 5.27 per cent while Kerosene decreased by 14.96 per cent at the markets," EPRA added.

The agency said the prices will even drop lower next month as “the effect of the recent crash in crude oil prices will be reflected in the subsequent pump price reviews”.

Motorists in Nairobi will now buy a litre of super petrol at Sh110.87, diesel Sh101.65 and kerosene at Sh95.46.

In Mombasa, super petrol will retail for a maximum of Sh108.41. diesel 99.17 and kerosene at 92.99.

If you are in Kisumu, you will pay Sh111.60, Sh102.57 and Sh96.41 for super petrol, diesel and kerosene respectively.

These prices will be effective to April 14, 2020.

Global oil prices have plunged after Saudi Arabia and Russia launched a price war over whether to cut output to support the coronavirus-battered energy sector.

The situation has been escalated with the coronavirus pandemic sparking an equities meltdown.

The prices have dropped more than 20 per cent this week.

Organisation of Petroleum Exporting Countries (OPEC) failed to strike a deal with the major producers on output and the oil prices are set to be on a free fall in the coming months.

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