By KBC Reporter
Oil marketers are not to blame for the current retail prices that Kenyans have deemed too little in comparison to the reduction in crude oil prices.
This is according to Vivo Energy Kenya Chief Executive Officer Polycarp Igathe who projects that consumers will enjoy low pump prices for the next three years.
Igathe was speaking during the launch of Shell’s 165th petrol station and a radio show which will air on KBC English Service dubbed Country Road.
The falling oil prices have seen a barrel of crude fall from as high as 120 dollars a barrel in mid last year to a low of 26.19 dollars a barrel earlier this week.
With the world’s largest exporter, Saudi Arabia holding its stance that it will not cut supply which has surpassed global demand, for consumers it is all joy at the pump.
Locally, the Energy Regulatory Commission reduced fuel prices in its monthly review which most consumers feel does not reflect the 75 percent reduction in crude oil prices over the last seven months.
Igathe says demurrage costs are still high, a factor that puts a strain at the pump. On the brighter side, he says consumers will enjoy cheaper fuel for some time.
Igathe says through its distribution arm, Shell, the firm is embarking on expansion which will see additional petrol stations set up from the current 165. This comes as the company partners with KBC English Service in a radio show dubbed “Country Road.”