This archive report was first published on 14 May 2020.
May 14, 2020 - The global oil market is in turmoil, but Kenyan motorists are getting a rare reprieve. The Energy and Petroleum Regulatory Authority (EPRA) has slashed fuel prices, effective May 15.
The biggest beneficiaries are diesel users, who will now pay Sh78.37 per liter, down from Sh97.56. This represents a significant drop of Sh19.19 per liter.
However, kerosene users will have to dig deeper, with prices increasing by Sh2.49 per liter to Sh79.69.
The new prices are a result of the average landed cost of imported Super Petrol decreasing by 38.94 percent from US$309.03 per cubic meter in March to US$188.07 per cubic meter in April.
EPRA attributed the change to a 2.67 percent depreciation of the US dollar against the Kenyan shilling, from Sh104.05 per US dollar in March 2020 to Sh106.83 per US dollar in April 2020.
As the world grapples with the economic impact of the coronavirus, oil markets have been in turmoil. US crude prices even fell into negative territory for the first time, with sellers having to pay buyers to take oil off their hands.
