(Ecofin Agency) - Motorist are to now spend less on fuel after the Energy Regulatory Commission (ERC) announced a reduction in the pump prices of all petroleum products, as a result of the ease in global oil prices.
In the recent monthly pricing review, motorists in Nairobi will enjoy a Sh3.74 drop in the price of a litre of super petrol as the commodity now sells at Sh91.39. A litre of diesel dropped by Sh2.05 and is now being sold at Sh82.46 while a litre of kerosene will now cost Sh59.10, a drop of Sh3.38.
“The changes in this month’s prices have been as a consequence of the average landed cost of imported super petrol decreasing by 8.86 per cent from $521.72 (Sh52,780) per tonne in July to $475.48 (Sh48,102) per tonne in August 2016,” said the regulator in a statement.
According to ERC’s Director General, Joseph Ng’ang’a (photo), the price of diesel dropped by 5.95% to $441.19 per tonne and the verage landed rate of a tonne of Kerosene reduced by 8.52% to $451.77. “The mean monthly US dollar to the shilling exchange rate remained fairly stable at Sh101.42 per dollar in August compared to Sh101.39 in July,” he explained.
This new prices will be effective till mid-October but will be short-lived, with the regulator cautioning consumers to get set for high prices in the next review.