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“Expect Fuel Prices To Increase Again" Sad As Uhuru's Govt Plans To Announce This, This Week

The Star has warned Kenyans to brace themselves for high fuel prices as the Energy and Petroleum Regulatory Authority (EPRA) moves to review this month's prices, expected to come out on Thursday. The Star has revealed that the global prices increased on Friday, gaining 4%, as a global energy crunch boosted U.S. prices to their highest in almost seven years. Big power users have been struggling to meet demand.

Organization of the Petroleum Exporting Countries and allied producers (OPEC+) last week said they would remain on the path of gradually bringing back production after the effects of Covid-19 pandemic.

Meanwhile the U.S. government said it was monitoring energy markets, but it did not announce immediate action to lower prices, such as a release from strategic petroleum reserves, which further supported the oil market. 

Brent crude futures rose 44 cents, or 0.5%, to settle at $82.39 (Sh9,119) a barrel. Last week, the global benchmark hit a three-year high of $83.47 (Sh9,239).

Back in Kenya, EPRA director general Daniel Kiptoo recently warned that the prices may increase further considering the global price of crude oil.

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Kenyans OPEC+ The Star U.S. Uhuru


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