Kenyan economy keeps recording significant wins

THE Kenyan economy is set to experience some relief as fuel prices drop for the first time since August. This turn of events also marks the largest month-on-month drop in Kenya, falling by up to Ksh7 per liter effective immediately.

Super petrol now costs less than Ksh200 per liter. This price reduction follows a decline in inflation from January to February, as well as the Kenyan currency's 12-year record gain.

A report by the East African publication revealed that Super petrol will now retail for Ksh199,15, down by Ksh7,21, while diesel will sell for Ksh190,38 a liter moving forward. The diesel price dropped by Ksh5.09.

Additionally, a liter of kerosene is set to fall by the least amount Ksh4,49, to sell for Ksh188,74, in the capital city.

The new price is set to take effect from now till April 14th according to the latest pricing schedule, and is intended to ease the stress from the country’s rising cost of living.

The last significant decrease in pump prices took place in May 2020, when a liter of super petrol plummeted from Ksh92,87 to Ksh83,33 and a liter of diesel from Ksh97,56 to Ksh78,37.

“The maximum allowed petroleum pump price for super petrol, diesel, and kerosene decreased by Ksh7,21 per liter, Ksh5,09 per liter, and Ksh4,49 per liter respectively,” Daniel Kiptoo, the Energy and Petroleum Regulatory Authority (Epra) Director General relayed via the notice on Thursday. The fall in energy prices is consistent with the ongoing global decline in refined gasoline prices as major nations' demand declines. For the cargoes used to determine the new pricing, a barrel of murban crude sold for US$77,68, down from US$83,32 the previous month. — Business Insider Africa