Kenyans Dare EPRA As Global Oil Prices Drop To 5-Months Low Of KSh 10k Per Barrel

• Global prices of petroleum products have declined to a five-month low of KSh 10,500 per barrel
• The Energy and Petroleum Regulatory Authority (EPRA) is expected to revise pump prices from December 15, 2023, to January 14, 2024
• Kenyans want the regulatory body to review the prices based on current international market levels

TUKO.co.ke journalist Wycliffe Musalia brings over five years of experience in financial, business, and technology reporting, offering deep insights into Kenyan and global economic trends.

In less than a week, the Energy and Petroleum Regulatory Authority (EPRA) will revise pump prices for December to January.

EPRA's last review stabilised prices of super petrol at KSh 217.36 per litre, diesel at KSh 203.47, and kerosene at KSh 203.6.

What are the current global oil prices?

International prices of petroleum products continued to drop, with crude oil prices recorded at a five-month low of $69 (Ksh 10,500) in December 2023.

In September 2023, crude oil prices in the international market stood at $91 (KSh 13,955).

Kenyans called on EPRA to ensure its review on Thursday, December 14, reflects a reduction in global prices.

What Kenyans expect from EPRA

The majority of them said the regulator should reduce pump prices to a low of KSh 150, as reported in the previous year.

@magwaz3 said:

"The global fuel prices have dropped significantly. We expect EPRA to drop the prices back to 127 where Uhuru Kenyatta left it."

@f1fafc3d9790493 noted:

"If EPRA dares to increase fuel prices, we will know we have no government here, just an asylum for kleptos, sadists and looters. Crude oil price as of September 27: $91 , Now: $69."

@KiplangatFC claimed:

"Global fuel prices have dropped significantly, but EPRA has not dropped the price."

@Goddie_Ke argued:

"Crude oil prices have plummeted to $69 per barrel. Kenyans shouldn't be buying a litre of petrol at over KSh 200. EPRA should adjust the same to below KSh 150."

@CaptainKipkorir said:

"Crude oil is trading at a five-month low, now at $69. I expect EPRA to be working on favourable fuel prices to be announced soon."

@shadrackevin wrote:

"Hey @EPRA_Ke and Mr Kiptoo, this is what is going on out there your turn to give us your numbers too lower than it is now in here."

Fuel price fears among Kenyans

In November 2023, Kenyans reacted differently to the move by EPRA to retain the price of petrol at the current rate.

They expressed fears that the cost of petroleum products might skyrocket during the next review.

This came as Energy CS Davis Chirchir warned of a further increase in pump prices.