The Central Bank of Kenya (CBK) has announced a huge drop in global oil prices that could play a big role in Energy And Petroleum Regulatory Authority (EPRA) review set for tomorrow, September 14th.
According to the Kenyan banks regulator, the global fuel trends have shown a decrease in prices due to improved monetary and fiscal policies that led to the drop in international oil prices.
While explaining the factors behind the decrease of the global oil prices, the Central Bank of Kenya noted that global inflation concerns also continued to ease as most countries adopted progressive monetary measures.
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In their weekly report where they presented the trend, CBK referred to the Murban oil whose prices declined to USD 72.34 per barrel on September 12 from USD 72.99 per barrel on September 5th.
Additionally, CBK said that the slight strengthening of the Kenyan Shilling against the United States Dollar was also a contributing factor with the Shilling remaining stable against other major currencies globally.
This, according to CBK means that in the review prices set to be announced by Energy and Petroleum Regulatory Authority (EPRA) tomorrow, a stronger Shilling could potentially influence the price of petroleum.
CBK’s estimates come a month after Energy and Petroleum Regulatory Authority announced unchanged prices for the August-September duration with Super Petrol retailing at Ksh188.84, Diesel at Ksh171.60 and Kerosene at Ksh161.75.
However, the recent anti-government protests that hit the country in the month of August could be another huge factor that could potentially affect EPRA’s oil price announcement scheduled tomorrow.