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Reprieve for motorists as prices of fuel drop

 

Consumers have been handed a marginal reprieve at the pump after Energy Regulatory Commission (ERC) lowered prices of petrol, diesel and kerosene.

Following months of rally in the prices that saw a litre of petrol cross Sh100, ERC has lowered the cost by Sh3.06 while that of diesel has dropped by Sh1.82. At the same time, a litre of kerosene will now be cheaper by Sh3.58.

This is the first time in seven months, since September 2016, for all the three products to register a drop in retail prices at the same time.

This means that in Nairobi, starting midnight, a litre of petrol will retail at Sh98, diesel at Sh88.62 while a similar quantity of kerosene will see households part with Sh64.38

The changes in this month’s prices, ERC said in a statement, was as a result of reduction in the landed cost of the three imported petroleum products.

The average landed cost of a tonne of imported super petrol dropped by 4.22 per cent or Sh2,567 from February to $563.62 (Sh58,226) in March. A similar quantity of diesel saw a 2.92 per cent in price to Sh52,153 or $504.83 over the same period.

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Kerosene saw the highest drop of 8.27 per cent from Sh56,020 ($542.27) to Sh51,389 ($497.44). This means that a tonne of imported kerosene became cheaper by Sh4,631 over the period under review.

At the same time, the shilling stabilized against the dollar. While in February one dollar required Sh103.41, in March it strengthened by 0.44 per cent to exchange at Sh102.95.

The changes will come as reprieve to consumers who are battling with food prices that are currently at 11-month high. Overall inflation has broken Central Bank of Kenya range (2.5 per cent and 7.5 per cent) and bubbles at double digit (10.28 per cent).

 

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