Kenyans may breathe a sigh of relief at the gas station after the Energy and Petroleum Regulatory Authority cut the prices of all three types of gasoline in its most recent assessment (EPRA).
From midnight on Friday, the price of gasoline and diesel will be Ksh.5 cheaper, while kerosene will be Ksh.7.28 cheaper.
Because to the reintroduction of the price stability system, gasoline prices have dropped significantly. This money comes from the Petroleum Development Levy.
After a freeze in September, which drove gasoline prices to record highs across the board, the subsidy is back.
At Ksh.103.54 per litre, kerosene prices are expected to stabilize.
Fuel prices rose by 1.71 percent and 3.1%, respectively, as a result of the cost reductions.
While landing expenses have increased, the relevant pump prices have decreased this cycle. EPRA highlighted in a statement released on Thursday that the government plans to use money from the Petroleum Development Levy to protect consumers from the impact of otherwise-exorbitant pricing."
As a result of a haircut taken in supplier margins/profits, the National Treasury is anticipated to reimburse oil marketers from fuel tax money collected in the next price cycle until November 14.
For the sale of fuel, diesel and kerosene, oil marketing firms have agreed to reduce their margins from the normal KSHS12,39 and KSHS12,36 to KSHS6.26, KSHS5.50 and KSHS7,73.
When the stabilization mechanism was in place, Treasury paid out Ksh.8.7 billion in compensation to merchants who had their prices reduced.
Reduced gasoline costs are anticipated to reduce living expenses and inflation, which climbed to 6.91 percent last month as fuel prices increased.
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