Central Bank of Kenya Provides Update on Global Fuel Prices
The Central Bank of Kenya (CBK) has provided an update on global fuel prices in its weekly review. According to a bulletin by the apex bank, there has been a decline in global fuel prices, offering hope to motorists ahead of the Energy and Petroleum Regulatory Authority (EPRA) review set for March 14, 2025.
The Central Bank of Kenya (CBK) has provided an update on global fuel prices in its weekly review.
According to a bulletin by the apex bank, there has been a decline in global fuel prices, offering hope to motorists ahead of the Energy and Petroleum Regulatory Authority (EPRA) review set for March 14, 2025.
CBK reported a significant drop in Murban oil prices, which fell to Ksh9,052 per barrel in the week ending Friday, March 6, 2025, down from Ksh9,855 per barrel on February 26, 2025.
Additionally, CBK noted that key oil-exporting nations had indicated plans to ramp up production in the coming days.
This follows the reaffirmation by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) of their commitment to maintaining market stability, driven by a more optimistic outlook for the oil market.