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The Energy and Petroleum Regulatory Authority (EPRA) Tuesday announced a significant drop in fuel prices.
In its monthly fuel review, the regulator announced a Sh18 on super petrol budget per litre, kerosene, was reduced by Sh18.8 per litre while diesel dropped by Sh4.09 per litre. The new prices take effect midnight tonight.
The changes in this month’s prices are because of the average landed cost of imported Super Petrol decreasing by 34.61 per cent from USD472.59 per cubic metre in February to USD 309.03 per cubic metre in March.
Diesel decreasing by 9.89 per cent from USD 480.21 per cubic metre to USD 432.70 per cubic metre and Kerosene decreasing by 37.70 per cent from USD 421.24 per cubic metre to USD 262.44 per cubic metre.
“It is worth noting that the Diesel cargoes used in the computation of this month’s prices were procured in February when the crude oil price was relatively high. Accordingly, the effect of the recent crash in crude oil prices will be reflected in the retail price of diesel in subsequent reviews,” the regulator said in a press release.