Oil prices drop sharply, eyes on Kenya subsidy

Oil prices drop sharply, eyes on Kenya subsidy

Commodities

Oil prices drop sharply, eyes on Kenya subsidy

Wednesday December 08 2021 fuel

An attendant fuels a vehicle in Nairobi. FILE PHOTO | NMG

john-mutua-img By JOHN MUTUA
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Summary

  • International oil market data shows that the prices for the UAE’s Murban oil — Kenya’s main petrol source market — has dropped from a high of $83.60 a barrel on November 24 to $74 on Tuesday.
  • Experts hold that Kenyans may not enjoy reduced prices for petrol, diesel and kerosene from next month adding that the State will likely opt to discontinue applying the subsidy that has been in place since April.

Crude oil prices have fallen sharply in the past two weeks on concerns over possible decline in global demand due to the Omicron variant of Covid-19, but Kenyan motorists risk missing out on the benefits should…

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