Latest Developments in Exchange Rate & Oil Prices Ahead of Fuel Price Review.
Latest Developments in Exchange Rate & Oil Prices Ahead of Fuel Price Review: There has been a significant change in oil prices, occasioned by the Recent Gaza Cease Fire.
As detailed in the Central Bank of Kenya (CBK) weekly report dated May 9, global oil prices declined for the second consecutive week.
The CBK Report read,”International oil prices declined during the week ending May 2, supported by a renewed diplomatic push in the Middle East to secure a cease-fire in Gaza. Murban oil prices dropped to USD 84.64 per barrel on May 2 compared to USD 88.74 per barrel on April 25,”
“International oil prices declined during the week ending May 8, supported by balanced oil demand and supply, and build-up of oil inventories amid increased geopolitical uncertainties. Murban oil prices dropped to USD 83.28 per barrel on May 8 from USD 88.64 per barrel on May 2,” read part of the report.
Notably, after days of weakening, the shilling stabilised and gained against the dollar. As of May 9, the dollar exchanged at Ksh131.25 in comparison with Ksh133.20 for the week that ended on May 2.
ALSO READ: Popular Ohangla Dancer Sheila Odoyo’s Daughter Speaks as More Details on Her Death Emerge