ERC slashes fuel prices
It’s a relief for motorists as the Energy Regulatory Commission (ERC) on Thursday announced new fuel prices in the country.
The new prices that were effected from Thursday midnight has witnessed price drop of the precious commodity. The ERC in a statement to media houses said that the new retail pump prices will run for a period of one month.
“In accordance with Legal Notice No.196 of 2010, Energy (Petroleum Pricing) Regulations & the amendment thereof, the Energy Regulatory Commission has calculated the maximum retail pump prices of petroleum products, which will be in force from 15″ February to 14° March 2019.” Read part of the statement.
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The new prices will see the prices of petrol drop by Ksh 4, diesel Ksh 6 and petrol drop by Ksh 5 per litre in Nairobi.
“Taking into account the weighted average cost of imported refined petroleum products, the changes in the maximum allowed petroleum pump prices in Nairobi are as follows: Super Petrol, Diesel and Kerosene decrease by Ksh. 4.12, Ksh. 6.28 and Ksh. 5.20 per litre respectively,” added ERC.
According to Nation, the two fuels will be retailing at prices below those before the increase witnessed in September last year after introduction of Value Added Tax.