The Central Bank of Kenya in its weekly bulletin released on Friday, June 12 indicated that global fuel prices had reduced.
In the bulletin, CBK revealed that a barrel of murban oil was retailing at Ksh11,000 (USD 85.18) in the week ending on July 11 from Ksh11,270 (USD 87.44) per barrel.
"International oil prices declined during the week ending July 11, reflecting reduced concerns over supply disruptions," read part of the bulletin.
Besides the price of fuel, CBK also announced that the shilling remained stable against major international and regional currencies in the week under review.
Additionally, inflation rates in advanced economies such as the US eased due to lower gasoline prices and moderating rental rates.
This came barely two days before the Energy Petroleum Regulatory Authority (EPRA) announced the new fuel prices from July 14 to August 14.
Fuel prices in the country have been on a decline after hitting the Ksh200 mark in 2023. In the previous review, EPRA announced that a litre of petrol would retail at Ksh189.84, diesel at Ksh173.10 and kerosene at Ksh163.05.
The price was lowered by Ksh3, Ksh6.08 and Ksh5.71 for Super Petrol, Diesel and Kerosene respectively
Some factors had threatened to increase the cost of fuel in the country such as the adjustment of the Road Maintenance Levy from the current Ksh18 to Ksh25 per litre of fuel.
This was part of the now-withdrawn Finance Bill 2024 proposals to increase the country's revenue. This and other proposals in the bill were rejected by Kenyans who took to the streets until it was dropped.
If it was implemented, the price of fuel prices would have gone up by Ksh7 further burdening Kenyans grappling with the high cost of living.
On Monday, former Transport Cabinet Secretary Kipchumba Murkomen detailed a plan to increase the levy without increasing pump prices. He added that measures would be drafted to cut the costs that affect the fuel prices.
"We have heard you. If it means even waiting until when fuel prices come down we will wait so the people the Kenya do not suffer more," Murkomen added.
