EPRA November 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?

For motorists and businesses, the stability in fuel prices offers predictability in budgeting and operations. Despite global market fluctuations, EPRA’s decision to maintain current prices provides a sense of relief to consumers.

“No increase is good news. It means I can maintain my current pricing for deliveries.”
– Peter M., Logistics operator, Mombasa

What’s Behind These Prices?

EPRA’s adjustments are influenced by several factors:

• Global Crude Prices – While there have been fluctuations in international oil prices, the overall impact has been balanced.
• Landed Cost – The average landed cost of imported Super Petrol increased by 0.54% from US$637.70 to US$641.14 per cubic metre. Diesel decreased by 4.34% from US$636.22 to US$608.61 per cubic metre, while Kerosene increased by 3.97% from US$623.39 to US$648.15 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 maintain the maximum retail prices for petroleum products, providing stability 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: Future Trends in Petroleum Pricing

While this month’s stability is encouraging, 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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