Relief At The Pump As ERC Slashes Fuel Prices

The Energy Regulatory Commission (ERC) has reduced fuel prices in February  review.

The prices for petroleum products have have gone down by  Ksh4.12 for super petrol, Ksh6.28 diesel and  for kerosene .

“The pump for the prices are inclusive of 8% Value Added Tax (V.A.T) in line with provisions of the Finance Acts 2018,” read part of the statement.

ERC notes that the changes in this month’s prices are as a result of the average landed cost of imported super petrol decreasing by 7.23 per cent from US$ 590.92 per ton in December 2018 to US$ 548.20 per ton in January 2019.

Diesel prices decreased by 11.29% from US$ 615.97 per ton to US$ 546.42 per ton while kerosene prices decreased by 3.92% from US$ 620.05 per ton to US$ 595.75 per ton.

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“The Free On board (FOB) price of Murban crude oil lifted in January 2019 was posted at US$ 60.95 per barrel, an increase of 2.44% from US$ 59.50 per barrel in December 2018,” noted ERC.

The same period saw the mean monthly US dollar to Kenya Shillings exchange rate appreciated by 0.84% from Ksh102.16 per US$ in December 2018 to Ksh101.30 per US$ in January 2019.