Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
He said the international oil prices have also remained stable hence giving high hopes for a slight drop in March/FILE

Kenya

Fuel prices likely to drop – experts

He said the international oil prices have also remained stable hence giving high hopes for a slight drop in March/FILE

He said the international oil prices have also remained stable hence giving high hopes for a slight drop in March/FILE

NAIROBI, Kenya, Mar 13 – The Energy Regulatory Commission (ERC) is likely to review fuel pump prices downwards in its monthly review expected on Thursday.

Senior Investments Manager at PineBridge Investments Edward Gitahi predicts that the decline is likely to be attributed to the stable shilling evidenced in the last two months.

The exchange rate remained stable, according to Central Bank Kenya (CBK), fluctuating within a narrower range of between Sh85 and Sh87.50 for the US dollar in January and February this year, indicating what CBK termed as return of confidence in the market.

“You remember when we started the year, many had fears that the shilling may drop in value like it happened sometimes back, especially due to the heightened political campaigns and the elections that have just ended. But instead we have seen the shilling even gain. This is usually very positive, not only to oil importation, but also to other imported commodities,” Gitahi told Capital FM Business.

He said the international oil prices have also remained stable hence giving high hopes for a slight drop in March.

“In any case, we are likely to see the commission stick to the current prices and not go up,” Gitahi said.

On Tuesday, however, the Central Bank’s Monitory Policy Committee said that the international oil prices are on the rise but assured of less impact if the exchange rates and lending rates remain stable.

In the last months review, a litre of super petrol went up by Sh1.97, kerosene Sh2.07 and Sh2.21 for a litre of diesel.

The commission attributed the rise to increased importation costs of crude oil in the month of January.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...