Global oil prices continued to decline sending a recovery signal to other nations following an increase in US crude oil inventories.
Brent crude was 1% lower at $80.37 a barrel, while WTI was down 1.1 per cent to $75.79 a barrel.
The US crude oil stockpiles rose by 3.59 million barrels over the last week to 439.4 million barrels, the highest since August. Plus, the US administration said it will enforce oil sanctions against Iran, adding pressure to prices.
“While sanctions have remained in place, the U.S. has not enforced them strongly, which has allowed Iranian oil exports to grow this year,” ING analysts said in a note, adding that stricter enforcement and subsequent supply loss would be enough to tighten up the global oil balance significantly through 2024.
In Kenya, fuel prices remained relatively unchanged with a slight drop in diesel and Kerosene charges.
The price of Super Petrol, Diesel, and Kerosene retail at Ksh217.36, Ksh203.47, and Ksh203.06 respectively.
The prices were inclusive of the 16 per cent Value Added Tax (VAT) in line with the provisions of the Finance Act 2023, the Tax Laws (Amendment) Act 2020, and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020.
In Nairobi, petrol retail at Ksh217.36, diesel Ksh203.47 and Kerosene at Ksh203.06.
