EPRA December 2024 Fuel Price Update

Factors Influencing the Price Adjustment

EPRA’s decision reflects changes in the global oil market and local economic factors. The reduction in Kerosene prices is attributed to a decrease in the average landed cost of imported Kerosene. Meanwhile, the stability in Super Petrol and Diesel prices suggests a balance between global oil prices and the Kenyan Shilling’s exchange rate against the US Dollar.

EPRA’s Pricing Methodology

EPRA continues to monitor international petroleum prices, exchange rates, and other relevant factors to ensure fair pricing for consumers while allowing oil marketers to recover their costs. The Authority’s pricing formula considers the weighted average cost of imported refined petroleum products, taxes, levies, and margins for oil marketers.

Why Should You Care?

As the holiday season approaches, the Energy and Petroleum Regulatory Authority (EPRA) has provided a welcome gift to Kenyans by reducing fuel prices across the board. This decrease offers relief to motorists, businesses, and households, easing transportation and operational costs during a typically high-expenditure period.

“Lower fuel prices mean I can travel to see my family without stretching my budget.”
– Grace N., Teacher, Nakuru

What’s Behind These Prices?

EPRA’s adjustments are influenced by several factors:

• Global Crude Prices – A decrease in international oil prices has contributed to the reduction in local fuel costs.
• Landed Cost – The average landed cost of imported Super Petrol decreased by 4.46% from US$641.14 to US$612.53 per cubic metre. Diesel’s landed cost increased by 5.76% from US$608.61 to US$643.69 per cubic metre, while Kerosene increased by 1.87% from US$648.15 to US$660.30 per cubic metre.
• Forex Rates – The Kenyan Shilling has remained relatively stable against the US Dollar, mitigating potential price hikes.

💡 These combined factors have allowed EPRA to lower the maximum retail prices for petroleum products, providing financial relief to consumers.

Fuel Tips for Car Owners – Maximize Every Drop

Even with stable fuel prices, adopting fuel-saving habits can lead to significant savings:

• Maintain Proper Tyre Pressure: Under-inflated tires can increase fuel consumption.
• Smooth Driving: Avoid aggressive acceleration and heavy braking.
• Regular Servicing: Keep your vehicle in top condition to ensure optimal fuel efficiency.

Check out our Why Regular Car Servicing Saves You Money article for more tips.

Looking Ahead to January 2025

While this month’s price reduction is a relief, the global oil market remains unpredictable. Factors such as OPEC decisions, international conflicts, or currency fluctuations could impact next month’s prices.

Stay tuned to CarNews KE for the latest updates.

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