Editor's Review

Oil prices fell nearly 4 per cent on Wednesday, December 6, to their lowest settlements since June.

A section of Kenyans online piled pressure on the Energy and Petroleum Regulatory Authority (EPRA) to lower December fuel prices after global costs hit a record low. 

Led by Azimio la Umoja Principal Martha Karua, concerned Kenyans asked the regulatory authority to take note of the global trend which had sent reprieve to other nations. 

In her statement, Karua asked EPRA to explain when the drop in fuel prices globally will be reflected in the country.

"When will this impact the Kenyan market EPRA? Karua posed.

File photo of EPRA Director General Daniel Kiptoo. PHOTO | COURTESY

"Now that the cost of crude fuel per Barrel is trading at $69, EPRA will soon announce the reduced cost of fuel," Naipamei Kaikai, a youth rights advocate, asked the regulator.

Oil prices fell nearly 4 per cent on Wednesday, December 6, to their lowest settlements since June. Brent crude futures settled down $2.90, or 3.8 per cent, at $74.30 a barrel. 

The drop was attributed to the lifting of some restrictions which were early imposed by the oil producing countries which included the cutting down of exports.

Further, the situation was worsened by the Israel- Gaza conflict making various countries record a sharp surge in fuel prices.

The same impact was felt in Kenya. In the November 14 review, super petrol remained unchanged at Ksh217.36 per litre in Nairobi while diesel and kerosene dropped by Ksh2.

EPRA Director General Daniel Kiptoo noted that consumers will not bear the burden despite the average landed cost of imported super petrol having increased by 2.81 per cent per cubic metre in October, diesel by 3.28 per cent and kerosene by 6.31 per cent.

"In order to cushion consumers from the spike in pump prices as a consequence of the landed costs, the government has opted to stabilise pump prices for the November-December 2023 pricing cycle. The National Treasury has identified resources within the current resource envelope to compensate oil marketing companies," he stated.

New prices are expected to be announced on December 14 which will run till January 2024.