Why Changes in the Global Prices of Crude Oil Mean Little for Kenya

February 7, 2024 | 12:29 pm

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Why Changes in the Global Prices of Crude Oil Mean Little for Kenya

The trajectory of fuel pricing in Kenya depends on various factors but in this brief, it highlights four factors, albeit with varying correlations depending on the specific petroleum product. To determine this, I analyzed data from August 2022 to December 2023, as presented in EPRA's press releases on 'Maximum Retail Petroleum Prices in Kenya' for different periods. The analysis encompassed pump prices for Super Petrol, Kerosene, and Diesel for Nairobi County and their respective taxes and levies. The four factors are the prices of crude oil, international Platts prices for these three products, the exchange rate, and the taxes and levies, a total of five variables.