The Energy Petroleum Regulatory Authority (EPRA) has announced a reduction in fuel prices for the next one month.

According to a statement issued on Thursday, the prices of Super Petrol , diesel and Kerosene have been reduced by Ksh.7.21, 5.09 and Ksh.4.49 respectively.

Following the review, a litre of petrol in Nairobi will retail at Ksh.199.15, diesel at Ksh.190.38 and Kerosene at Ksh.188.74.

The new prices take effect from the midnight of March 15  to April 14, 2024.

“The prices are inclusive of the 16% Value Added Tax (VAT) in line with the provisions of the Finance Act 2023, the Tax Laws (Amendment) Act 2020 and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020,” read a statement from EPRA.

Among reasons cited in the price reduction is the drop in the value of the dollar.

“The trade of petroleum products in the international markets is denominated in United States Dollars (USD), and an exchange rate is applied to convert the USD to Ksh during the computation of local pump prices,” EPRA said.

The announcement has been welcomed by Kenyans who took online to express their opinions.

Abuga Makori: The reduction of super petrol by Ksh 7.21 is just the beginning of good things. CBK projects that USD will be selling at Ksh115 in two weeks. The Shiling is stabilising thanks to fiscal policies by President William Ruto. A lot of investment in production has changed everything.

Nairobi City Times: The dollar hoarders right now after they see the Kenyan shilling has strongly gained Ksh 7.21 against the dollar in the last one week. Please sell your dollars, President William Ruto is overworking!

Earlier, President Ruto had asked Kenyans to relax because he was confident that EPRA would announce a reduction in the fuel prices.want to tell you that even the price of petrol will go down, you just relax. Those things are fine… The new prices will be announced today so relax. Did I not tell you that I will straighten out all these things?” he said during the commissioning of a road in Kericho county.

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