Good News To Kenyans as Prices of Petrol and Other Related Products Said to Reduce in January

Sigh of relief for Kenyans in the New Year 2023 as price of petroleum products and other related products said to reduce drastically.

According to media reports, the pump prices are expected to ease in January following a decline in global crude oil prices by over 20%.

“We have a lag of two months in pricing and probably the impact will be felt in January,” EPRA director general Daniel Kiptoo said.

This will be a 15% and 8% reduction in the prices of petrol and diesel, respectively. The new prices will, however, vary slightly depending on point of purchase (oil marketing company).

The Central Bank of Kenya (CBK) quoted the shilling at an average exchange rate of 121.37 yesterday.

A price drop will, however, be determined by the government’s decision on the fuel subsidy kitty, which was last month partially utilized to cushion consumers.

A litre of petrol has been retailing at Sh178.30, diesel at Sh163 while kerosene has been going for Sh146.94 a litre in Nairobi since October 15, prices expected to continue until mid of this month.

In an interview with the media, the head of research at COPEC, noted that, a decrease in the global prices of oil products and the recent stabilization of the cedi is responsible for the expected marginal drop.

“Petroleum users, basically motorists and other industrial users, should expect a price decline of petrol of about 15 percent and that of diesel of about 18 percent. In the first pricing window of January, which begins on January 1. Diesel is expected to be sold at a maximum price of GH¢14.60 per litre. However, other oil marketing companies are likely to sell diesel for GH¢12.80 or below and these are the smaller Oil Marketing Companies like Zen, Star Oil, Goodness and the rest.”

“Regarding petrol, the expected maximum price for this same pricing window is likely to be GH¢11.88 per litre and the minimum price is expected to be GH¢9.30 per litre and the smaller OMCs such as Zen, Goodness, and Star Oil are also expected to sell petrol for GH¢9 within the window.”

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