Crude oil prices freefall halted, the rally begins

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By Judith Akolo/Nicolas Nduati

 

The slump in international oil prices hit the headwinds, the freefall that characterized by the past year has halted as the prices begin to rally upwards.

A barrel of crude oil is now costing US$ 33 up from US$29.95.

Poor household will once more be hit by the announcement by the Energy Regulatory Authority.

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Kerosene has seen a rise in pump prices of Kshs 2.53 while petrol and diesel dropped by Kshs 0.92 per liter and 2.18 per liter respectively.

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In a statement, the Director General of the Energy Regulatory Authority Eng. Joseph Ng’ang’a says the rise in the cost of the landed Kerosene has gone up by 9.82%.

The ERC says that the average landed cost of imported diesel dropped by 9.43% while that of super petrol decreased by 4.61%.

The cost of a barrel of crude oil has also risen from US$29.95 in January to US$ 33 per in March and rising to top at US$40 per barrel according to the Energy Regulatory Authority.

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Super Petrol in Nairobi will now cost Kshs 85.58 from Kshs. 86.50 last month, diesel Kshs 65.70 from Ksh 67.88 in February with Kerosene costing Kshs 42.15 up from Kshs 39.62 last month.

The highest price is in Mandera with Super Petrol costing kshs 98.38, Diesel Kshs 79.51 and Kerosene costing Kshs 55.96.

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Mombasa has the lowest prices at Kshs 82.28 for Super Petrol, from Ksh. 83.20 last month, Diesel will retail at Kshs 62.46 down from Kshs 64.63 while Kerosne will cost Kshs 39.46 from Kshs 36.94 last month.

The announcement now flies in the face of a Valentine’s Day announcement last month of the continued fall in oil prices that saw Kerosene retail at an all time low.

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