Fuel prices: How 15% drop in global oil prices could bring relief at the pump
Kenyan motorists could receive relief at the pump in the upcoming fuel price review after international crude oil prices dropped by nearly 15 per cent, raising expectations of lower petrol, diesel and kerosene prices. The decline comes a month after the Energy and Petroleum Regulatory Authority (EPRA) announced significant increases in fuel prices on October […]
Kenyan motorists may receive relief at the pump following a 15% drop in global oil prices, according to expectations for the upcoming fuel price review. The Energy and Petroleum Regulatory Authority (EPRA) announced significant price increases on October 14, pushing fuel costs to some of the highest levels in recent months. Murban crude oil prices dropped to Ksh12,224.44 per barrel on November 5, a 14.9% decrease from Ksh14,354.60 on October 29.
This decline, following the US mid-term elections and reduced risks of Middle East disruptions, could help ease the pressure on local fuel prices during the EPRA review, which runs from November 15 to December 14. Lower diesel prices could benefit public transport operators, long-distance truck drivers, and businesses reliant on road transport.
Households may also see cost savings if cheaper fuel translates into reduced transportation and production costs for essential goods. However, pump price reductions may not immediately result in lower public transport fares or commodity prices, as they are influenced by various factors. The stable Kenya shilling against the US dollar and the Petroleum Development Levy stabilisation fund could further support the prospect of lower fuel prices during the November review.
EPRA is expected to announce the next maximum retail prices before the review expires on November 14.
Written by urgent.news from People Daily Kenya's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
