The Central Bank of Kenya (CBK) has disclosed that the prices of oil globally shot up in the last week of May.
In its weekly bulletin shared on Monday, June 3, the bank stated the price of Murban oil rose from USD 83.60 (Ksh10,888.90) per barrel to USD 84.75 (Ksh11,038.69) per barrel.
CBK attributed the increase to the high global demand for the commodity.
“International oil prices rose during the week ending May 30 attributed to growing global demand. Murban oil price increased to USD 84.75 per barrel on May 30 compared to USD 83.60 per barrel on May 23 in anticipation of the OPEC+ meeting scheduled for June 2, 2024,” CBK stated.
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The increase in global oil prices comes two weeks before the June fuel prices review by the Energy and Petroleum Regulatory Authority (EPRA).
In it's latest review on May 14, the regulatory authority announced a slight decrease in fuel prices.
EPRA announced that the price of Super Petrol, Diesel and Kerosene had been decreased by Ksh 1.00 per litre, Ksh 1.20 per litre and Ksh1.30 per litre respectively.
In the may review, the regulatory aouthority disclosed that the average landing cost of imported Super Petrol had increased by 3.82% from USD 737.69 per cubic metre in March 2024 to USD 765.87 per cubic metre in April 2024 while that of Diesel decreased by 0.46% from USD 722.51 per cubic metre to USD 719.21 per cubic metre.
