Consumers will for the next one month get a reprieve following a drop of fuel prices by Sh3.60 following an announcement by Energy Regulatory Commission on Friday.
This is the first time in seven months, since September 2016, the regulator has announced a reduction of pump prices as a result of a drop in the cost of imported petroleum products.
Starting Friday midnight untill May14, when the next review will be made, petrol prices will go down by Sh3.60 per litre, Diesel (Sh1.82) and paraffin (Sh3.58). In Nairobi, a litre of petrol will retail at Sh98, diesel Sh88.62, while kerosene Sh64.38.
“The average cost of a tonne of imported super petrol dropped by 4.22 per cent or Sh2, 567 in February to Sh58, 226 in March. A similar quantity of diesel saw a 2.92 per cent drop to Sh52, 153 over the same period. Kerosene recorded the highest drop of 8.27 per cent from Sh56, 020 to Sh51, 389,”read the statement from ERC.
Also supporting the regulator’s decision was the stability of the shilling against the US dollar. In February the shilling exchanged at Sh103.41 to the US dollar, while in March the local unit strengthened by 0.44 per cent to exchange at Sh102.95.
The reduction eases pressure on the escalating cost of living for consumers who are battling with high food prices that have pushed inflation to 10.28 per cent, which is above the targeted rate of 7.5 per cent.
