, NAIROBI, Kenya, Jan 14 – Petrol prices have gone down by at least Sh7 per litre in the latest review by the energy regulator.
According to the Energy Regulatory Commission (ERC), a litre of super petrol in Nairobi will retail at Sh111.95 for the next one month down from the Sh119.06s that it has been selling at from December 15.
Kerosene will now retail at Sh87.11 down from Sh90.74 in the city.
The reduction had been expected after the Energy Regulatory Commission hinted last week that the prices would come down by up to Sh4 per litre.
Director General Kaburu Mwirichia said the new prices reflect a dip in the cost of the products’ importation as well as the strengthening of the shilling.
“The Free On Board price for Murban crude oil lifted in December 2011 was posted at US $ 111.80 per barrel, a decrease of 2.23 percent from US $ 114.35 per barrel in November 2011. Over the same period the mean monthly exchange rate improved to Sh 86.79 per US $ in December 2011 from Sh 93.64 per US $ in the previous month, a change equivalent to 7.32 percent,” he said in a statement.
Motorists in major towns such as Mombasa, Nakuru, Kisumu and Eldoret will purchase the commodity (super petrol) at Sh108.70, Sh112.55, Sh113.72 and Sh113.66 respectively.
The review will be a welcome relief to motorists who have had to put up with prices that have been on an upward trend causing a public uproar.
Should the international crude oil prices stabilise and the cost of importation decline, then consumers can expect to see further reductions in the near future.
“The Commission would also wish to assure the public of its continued commitment to observance of the principles of fair competition and the protection of the interests of both consumers and investors in the energy sector,” ERC said.
The Energy Regulatory Commission ERC has reminded all petroleum marketing companies and dealers that it is an offence to sell petroleum products above the maximum prices published by the Commission.
“A person who contravenes this requirement shall be liable to a fine not exceeding Sh1 million or the withdrawal of the operating licence or both,” Mwirichia said.