EPRA October 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 alike, this significant drop in fuel prices offers much-needed relief. Whether you’re a daily commuter, a logistics operator, or running a small enterprise, lower fuel costs mean more money in your pocket.

Patrick N., an Uber driver in Nairobi, shared his thoughts:
“Finally, some good news! This drop in prices will help us manage our expenses better.”

What’s Behind These Prices?

The Energy and Petroleum Regulatory Authority (EPRA) uses a transparent formula that includes:

• Global Crude Prices – A decrease in international oil prices has contributed to the reduction.
• Landed Cost – The average landed cost of imported Super Petrol decreased by 8.59% from US$697.62 to US$637.70 per cubic metre.
• Forex Rates – A relatively stable Kenyan Shilling against the US Dollar has also played a role.
• Local Costs – Transport, storage, taxes, and profit margins.

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

Fuel Tips for Car Owners – Maximize Every Drop

With fuel prices down, it’s an excellent time to adopt fuel-saving habits:

• Maintain Proper Tire 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 reductions are 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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