It is anticipated that the Energy Regulatory Authority (EPRA) will once more consider reducing fuel prices during the upcoming review slated for February 15, 2024.
As per the Weekly Statistical Bulletin released by the Central Bank of Kenya (CBK), Murban oil prices dropped to US$ 79.41 per barrel on February 8, 2024, down from US$ 80.47 per barrel on February 1, 2024.
Murban crude, is drilled from onshore fields in the emirate of Abu Dhabi, and plays a significant role in the global energy landscape. EPRA pegs its monthly pricing cycles on the price of Murban crude.
Currently, Diesel and Kerosene are sold at KES 207.36 and KES 196.47 respectively. This follows EPRA’s recent reduction of pump prices for Super Petrol, Diesel, and Kerosene by KES 5.00, KES 5.00, and KES 4.82 per liter respectively during the last review.
Analysts attribute the recent decline in global fuel prices to reduced demand stemming from slowing economies in both China and the USA. EPRA’s forthcoming decision may be swayed by Tanzania’s recent reduction of petroleum product prices by 1.07% during its latest review.
