The Energy Regulatory Commission (ERC) has announced a reduction in fuel prices. In a press statement, ERC said the new prices will be applicable from 15th March to 14th April 2016.
The price of super petrol has reduced marginally by Ksh0.92 per litre, diesel reduces by Ksh2.18 per litre while Kerosene increases by Ksh2.53 per litre.
The reduction in prices is attributed to the weighted average cost of imported refined petroleum products. “The average landed cost of Super Petrol decreasing by 4.61 per cent from US$ 496.74 per ton in January 2016 to US$ 473.84 per ton in February 2016,” the statement read.
However, Kenyans using Kerosene will spend more to have the commodity following the KSh2.53 increase per litre. The increase is attributed to an increase in cost of imported Kerosene. “The average landed cost of imported Kerosene increased by 9.82% from US $ 321.37 per tonne,” the statement said.
Prices of crude oil in the international market have constantly increased, now standing at US$40 up from US $29, a factor that will influence the local prices of petroleum products.
Dealers have been warned against selling petroleum products above the maximum prices. “Petroleum marketing companies and dealers are reminded that it is an offence to sell petroleum products above the maximum prices published by the Commission,” read the statement.