News Just in: Win for Kenyans in New Fuel Developments.
News Just in: Win for Kenyans in New Fuel Developments: Kenyans can now breathe a sigh of relief after the Central Bank of Kenya (CBK) points out positive developments in the fuel sector.
In their iweekly report analysing the global economy, CBK focused on dollar dominance and prices of global oil as key indicators that will shape the economic outlook.
CBK highlighted that there was a drop in global oil prices for the week, occasioned by the proposed ceasefire between Israel and Hamas being that the middle East is a major oil exporter.
The report read,”International oil prices declined during the week ending February 1, largely attributed to a ceasefire proposal that could put an end to the geopolitical tension between Israel and Hamas,”
“Murban oil price declined to USD80.47 per barrel on February 1 from USD80.72 per barrel on January 25,” part of the report read.
Notably, the dollar had weakened against most currencies, including the Kenyan Shilling.
CBK stated,“It exchanged at Ksh160.67 per US dollar on February 1, compared to Ksh160.80 per US dollar on January 25,”
Given that the fuel importers purchase the products in dollars, the cost of importation is expected to drop slightly.
The Energy and Petroleum Regulatory Authority (EPRA) is expected to review pump prices on February 14.
Currently, Super Petrol retails at Ksh207.36, Diesel at Ksh196.47, and Kerosene at Ksh194.23 within Nairobi.