Prices have, however, started edging up as major oil producers reduce the amount of oil they are bringing to the market. Early yesterday, a barrel of Brent Crude Oil traded at slightly over $34 (Sh3,400). Read Now »Motorists and local industries such as transport and manufacturing can, however, rest easy and be assured that come April 14, they will enjoy lower fuel prices. “If the landed cost of fuel is, for example, Sh25 instead of Sh48 (seen for the cargo used in computing the retail price in March), the consumer will benefit by about Sh23. Crude oil prices declined sharply in early March following a spat between Saudi Arabia and Russia on possibilities of reducing oil production to cushion prices following a decline in international demand.

Source: Standard Digital April 04, 2020 21:00 UTC