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ERS cuts fuel pump prices after import costs fall

15 November 2014, 07:33

Nairobi - The energy regulatory committee (ERC) said on Friday it was cutting the retail prices of diesel, petrol and kerosene to reflect lower import costs, in a move likely to further ease inflationary pressures.

Fuel prices have a big effect on inflation in the nation, which relies heavily on diesel for transport, power generation and agriculture, while kerosene is used in many households for cooking and lighting.

The Energy Regulatory Commission cut the maximum retail price on a litre of diesel by 6.15 shillings to 94.52 shillings($1.0526) in the capital Nairobi and that of kerosene by 4.57 shillings per litre to 76.31 shillings.

Read Also: Kenya inflation jumps in August, raises likelihood of interest rate hike

The price of petrol fell by 4.09 shillings per litre to 106.80 shillings.

The price adjustments take effect on Nov. 15 and will stay in place for one month.

The regulator said the cost of importing crude fell in October compared with the previous month.

The government started setting retail fuel prices in 2010 after they shot up, driving up the cost of living.

Kenyan inflation fell to 6.43 percent in the year to October from 6.60 percent in the previous month.

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- Reuters


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