The Murban prices are the lowest in six months, with the closest being $69.15 (Sh10,607.73) per barrel posted in June. A sluggish demand in the United States and China due to slowed economic activities has been cited as the reason behind the falling crude prices globally. Kenya’s pump pricing schedule lags the global trends by two months, meaning that the current drop in crude prices can only be felt locally from February, at the earliest. The high prices have since forced the government to reinstate the fuel stabilisation fund to prevent prices from breaching the Sh220-mark. High pump prices significantly drive up the cost of living given that the Kenyan economy is diesel-driven.

Source: Daily Nation December 08, 2023 03:28 UTC