The Central Bank of Kenya (CBK) has announced a drop in global oil prices ahead of the Energy and Petroleum Regulatory Authority's (EPRA) fuel review next week.
In its weekly bulletin published on Friday, February 7, the central bank revealed that international oil prices declined, with Murban oil falling to Ksh9,916 per barrel on February 6 from Ksh10,131 per barrel on January 30.
The regulator noted that oil prices on the international front dropped following the oil exporters resuming their usual production of more crude oil for importing countries.
It is worth noting that an increase or decline in the price of crude oil could lead to higher or lower retail fuel prices in most countries but fuel consumption is not impacted by changes in global crude oil prices. Motorists at a petrol station in Kinoo along Waiyaki Way on January 7, 2023.
