The Central Bank of Kenya (CBK) on Friday issued an update on the global fuel trends ahead of the Energy and Petroleum Regulatory Authority (EPRA)’s fuel price review scheduled for September 14.
In its weekly bulletin on Friday, September 12, CBK announced improved monetary and fiscal policies globally that led to the drop in international oil prices.
The regulator disclosed that International oil prices declined marginally during the week ending September 12, reflecting a slowdown in global oil demand.
According to the central bank, global inflation concerns also continued to ease as most countries adopted progressive monetary measures.
A photo collage of a petrol station attendant using a fuel pump (right) and a fuel ship docked at the Port of Mombasa.
Photo
KPA
“The Murban oil price declined to USD 72.34 per barrel on September 12 from USD 72.99 per barrel on September 5,” the Central Bank stated in its weekly report.
The Kenyan Shilling also strengthened slightly against the United States Dollar and remained stable against other major currencies globally.
It exchanged at Ksh129.18 per US dollar on September 12, compared to Ksh129.19 per US dollar on September 5.
The easing inflation across major economies and a stronger Shilling could potentially influence the price of petroleum.
In its August review, EPRA made no changes in fuel prices compared to the rates it announced in July.
Super petrol was announced to retail at Ksh188.84, Diesel at Ksh171.60 and Kerosene at Ksh161.75.
EPRA, however, clarified that the prices are inclusive of the 16 per cent Value Added Tax (VAT) in line with the provisions of the Finance Act, 2023.
“In the period under review, the maximum allowed petroleum pump price for Super Petrol, Diesel and Kerosene remain unchanged,” EPRA announced.
The regulator’s announcement came against the backdrop of the anti-government protests that brought the nation to a standstill which in turn immensely impacted the economy.
EPRA Director General Daniel Kiptoo speaking during the official release of the Energy and Petroleum Statistics Report on December 15, 2023.
Photo
EPRA
