The Kenyan Economy experienced a huge lift when fuel prices recently dropped to less than Ksh200 per litre. This is the first time Petrol prices have dropped in the East African country since August.
This new development also marks the largest Month-on-month drop in Kenya with petrol prices falling by up to Ksh7 per litre. In Kenya Today, Super Petrol now costs less than Ksh200 per litre marking significant relief for consumers.
According to Business Insider Africa, Super Petrol will now retail for Ksh199.15, down by Ksh7.21, while diesel will now sell for Ksh190.38 a litre. The diesel price dropped by Ksh5.09.
Additionally, a litre of kerosene is set to fall by the least amount Ksh4.49, to sell for Ksh188.74, in the capital city.
Daniel Kiptoo, the Director General of the Energy and Petroleum Regulatory Authority (EPRA) confirmed the development via a notice on Thursday.
- “The maximum allowed petroleum pump price for super petrol, diesel, and kerosene decreased by Ksh7.21 per litre, Ksh5.09 per litre, and Ksh4.49 per litre respectively,” He said.
The new prices are to take effect from now to April 14th according to the latest pricing schedule and are intended to bring relief to Kenyan citizens amidst the rising cost of living.
The recent cuts in prices are projected to further reduce the country’s inflation levels which decreased from 6.9% in January to 6.3% last month.
Last month, the Kenyan Shilling experienced its most significant gain in 12 years which boosted the currency to its strongest levels since November 2023.
What To Know
- The Fall in Energy prices is consistent with the ongoing global decline in refined gasoline prices due to a growing decline in demand by nations.
- For the Metrics used to determine the new prices, a barrel of urban crude sold for $77.68, down from $83.32 the previous month.
- The Kenyan economy is diesel-driven and goods manufactured alongside service providers, factor in the prevailing fuel prices.
- The ongoing rally of the shilling against the dollar in combination with the global drop in prices of refined fuel resulted in the drop in energy prices in Kenya, handing the Kenyan economy a big win.
