Fuel prices drop in new ERC prices

Fuel prices drop in new ERC prices

The Energy Regulatory Commission (ERC) has announced a slight drop in the cost of super petrol and diesel for the next one month.

The price of super petrol is down 92 cents and will retail at 85 shillings and 58 cents in Nairobi while diesel will retail at 65 shillings and 70 cents with the price down two shillings and 18 cents.

The price drop is as a result of a decrease in the average landed cost of imported super petrol and diesel during the month.

Kerosene users will however have to fork out more as the regulator announced a two shillings and 53 cents increase per liter, retailing at 42 shillings and 15 cents in Nairobi.

The fuel price review comes at a time global crude oil prices have been dropping, selling at 40 dollars a barrel.

The World Bank has been among organizations that have faulted the fuel pricing formula arguing that the marginal drop in prices did not reflect the free fall in global markets.

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