When the Energy Petroleum Regulatory Authority (EPRA) releases new fees on December 14, oil importers anticipate lower fuel costs.
On December 7, the Petroleum Outlets Association of Kenya (POAK) reported a significant global decline in fuel prices that would benefit Kenya.
Oil prices are gradually falling as a result of the effect of limiting Russian crude oil, according to a statement from POAK.
Fuel prices decreased due to weaker worldwide demand in addition to the restriction on Russian crude oil, according to POAK.
Kenyans were anticipated to purchase fuel throughout the holiday season at reasonable costs as a result of the aforementioned considerations.
By mid-December 2022 and early January 2023, we should anticipate a big decline in pump prices, POAK informed Kenyans.
On December 5, the Group of Seven (G7) established a restriction on Russian fuel, stressing that the country could only sell its oil at market rates.
The action was announced as a part of the G7 and EU-led bloc’s economic penalties on Russia.
Analysts suggested that since Russia is the second-largest oil supplier in the world after Saudi Arabia, the limit would result in a global decrease in fuel costs.
Since President William Ruto eliminated the fuel subsidy instituted by his predecessor, Uhuru Kenyatta, fuel has been selling at high rates in Kenya.