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International Price For Crude Oil Goes Down By 32 Per Cent

IMAGE/ COURTESY
IMAGE/ COURTESY

The price of crude oil in the international market reached an all-time low to USD59 from USD86.74 in October, a 32.3 per cent.

It is expected that the same will be reflected on the pump in the local market when the Energy Regulatory Commission (ERC) reviews the price of petroleum products next month.

The drop has been attributed to oversupply and reduced demand of crude oil.

All eyes are set on ERC during the fuel price review next month. However, it might not be a smile for Kenyans as Kenya imports refined petroleum with a lag of between 30 and 45 days between the placement of import orders and delivery.

Fuel prices in Kenya have been on a steady rise since September when the Finance Act 2018 took effect, triggering an upward movement of prices of basic commodities.

This month alone, the cost per litre of petrol and diesel went up by Ksh2.38 and Ksh3.11, while kerosene’s price went up by Ksh2.99.

Read: Hard Times Ahead As The Price Of Petroleum Products Goes Up

In Nairobi, a litre of petrol is going for Ksh118.11 while diesel is retailing at Ksh112.83. Kerosene, whose consumption has gone down by 75 per cent is retailing at Ksh111.83.

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Written by Francis Muli

Follow me on Twitter @francismuli_. Email francis@kahawatungu.com

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