EPRA Announces Fuel Price Reductions to Ease Financial Burden…

The EPRA has reduced fuel prices, effective this weekend, with petrol down by Sh4.37 per litre to Sh176.29, diesel at Sh165.06, and kerosene at Sh148.39. These reductions are the lowest since April last year and coincide with heightened travel demands during the festive season. While these cuts benefit motorists, they may not translate to lower fares for public transport users, prompting discussions on pricing fairness amidst fluctuating operational costs.

The Energy and Petroleum Regulatory Authority (EPRA) has made significant adjustments to fuel prices, marking a welcome relief for Kenyan consumers ahead of the festive season. Effective from this weekend, petrol has seen a reduction of Sh4.37 per litre, bringing its new price to Sh176.29. Diesel and kerosene have also experienced decreases, with diesel now retailing at Sh165.06 and kerosene at Sh148.39, each reflecting a Sh3 drop. This adjustment is the lowest retail price for petroleum products observed since April of the previous year and comes during a peak travel season for many motorists preparing for Christmas and New Year festivities.

This price revision is attributed to a slight decrease in international petrol prices, though it is notable that global prices for diesel and kerosene have risen. The stabilization of the Kenyan Shilling at around Sh129 against the US dollar has also played a critical role in maintaining a steady forex component within the fuel pricing framework. Despite these favorable changes for motorists, public service vehicle (PSV) operators may not extend similar benefits to commuters, as fare increases are common during busy travel periods. Initial reports indicate that transport costs from major urban areas, such as Nairobi, to rural locations have already seen increases.

Consumer rights advocate Stephen Mutoro has criticized the tendency of companies to promptly raise prices in response to increasing operational costs while unreasonably delaying reductions when costs decrease. The recent trends show a drop in fuel prices exceeding Sh40 per litre since October of the previous year, largely due to lower crude oil prices, an appreciating Kenyan Shilling, and sporadic government subsidies through the petroleum development levy. The stabilization of the Kenyan Shilling, which previously experienced fluctuations between Sh155 and Sh164 in the last year, has ultimately contributed to reducing retail prices, presenting an opportunity for consumers to benefit. The importance of fair pricing practices in the marketplace has been strongly highlighted amidst these reductions.

The Energy and Petroleum Regulatory Authority (EPRA) is responsible for regulating the energy and petroleum sector in Kenya. The recent announcement regarding fuel price reductions is particularly relevant as it occurs prior to the festive season when travel often surges. This decision comes after a period of high fuel costs attributed to fluctuating crude oil prices and local currency depreciation, impacting the affordability of fuel for residents throughout the nation.

In conclusion, the recent announcement by the EPRA regarding the reduction of fuel prices brings significant relief to Kenyan motorists in preparation for the festive season. While the decrease is a positive step, the implications for public transport fares remain a concern, prompting calls for fair pricing practices. The stabilization of the Kenyan Shilling and the influence of international oil prices have played vital roles in this adjustment, highlighting the importance of proactive measures in consumer advocacy for equitable pricing.

Original Source: www.mwakilishi.com