Browsing: fuel prices

• Kenya’s economic resurgence in 2024 proving a reality following a notable upturn in recent months, marked by positive indicators across sectors.
• According to CBK, leading indicators point to the continued strong performance of the Kenyan economy in the first quarter of 2024.
• According to the World Bank, Kenya’s economic growth is projected to be 5.2 per cent, boosted by increased investment in the private sector as the government reduces its activities in the domestic credit market.

A strong rebound

Kenya’s economic prospects are looking brighter, attributed to the interventions by the World Bank and the International Monetary Fund, which have played a massive role in easing volatility witnessed less than three months ago.

Major economic indicators in the country show that confidence is slowly creeping back after the government secured the International Monetary Fund’s facility to pay back the Eurobond.

The repayments had triggered volatility in financial markets, including the …

Russia’s invasion of Ukraine in February 2022 threw oil and gas markets into disarray. Consequently, the world experienced the first real global energy crisis during the uneven economic recovery from the COVID-19 epidemic. Russia’s inclusion in the OPEC+ group has hampered international attempts to manage the situation. This has made it harder to handle the significant inflationary effects of rising global fuel prices, particularly in developing nations.

Global fuel prices have risen exponentially in the last few months. The rise is hugely significant, as it has seriously aggravated the global cost-of-living crisis. African economies have particularly been on the receiving end. The continent has suffered from disrupted supply chains and a slowdown in the global economic outlook. Thus, rising energy costs complicate matters even further.…

For many Kenyans, life was unbearable during former President Uhuru Kenyatta’s reign. But just one year after President William Ruto came to power, life is getting more onerous. High taxation, the depreciation of the shilling against the dollar, and record-high fuel prices have highlighted the last few months. This has painted a grim picture of Kenya’s future and shattered citizens’ hopes for economic reinvigoration.
On September 14, 2023, the Energy and Petroleum Regulatory Authority (EPRA) announced record-high fuel prices for the September-October regulation cycle. A litre of super will now retail at Kes 211.64, diesel at Kes 200.90, and Kerosene at Kes 202.61. This represents an increase of Kes 16.96, 21.32, and 33.13, respectively, in the new prices announced last midnight.…

At his inauguration, Nigeria’s new president, Bola Ahmed Tinubu, announced that his administration would do away with the fuel subsidy. The announcement resulted in a spark in prices and long queues in Nigeria as people rushed to buy fuel before the price increase when the policy took effect on July 1.

When the policy to remove Nigeria’s fuel subsidy takes effect, fuel prices in Nigeria are expected to jump from the official pump price of $0.4 to between $0.76 and $1.18. According to the United Nations, Nigeria’s rise in fuel prices will have widespread economic ramifications for over 133 million citizens plagued by multidimensional poverty.…

On 15 May, President William Ruto nominated Kamau Thugge as the new governor of the Central Bank of Kenya (CBK). If the Senate and the National Assembly ratify the appointment, Thugge will begin his first term as the CBK governor in mid-June. He will replace the incumbent Patrick Njoroge who assumed office as CBK governor in 2015.

The nomination of Thugge comes at a pivotal time for the Kenyan economy. Kenya’s inflation remains high at almost 8 per cent. The Kenyan shilling has also hit all-time lows against the US dollar. Thus, the monetary policies from the CBK will most likely come in handy in the coming months. But what makes Thugge the perfect fit for the crucial role of Kenya’s top banker?…

The Nigerian government has taken various steps to address the persistent fuel shortages, including rehabilitating the country’s refineries, the establishment of new refineries, and promoting private sector investment in the downstream sector. However, progress has been slow, and the problem persists. However, the Dangote oil refinery’s boost to Nigeria’s oil refining capacity should help the government in its quest to address the persistent fuel shortages and end the energy sector crisis.…

Trends suggest Kenya has outstanding resilience due to the quick bounce seen after the last election. Analysts believe the future leader must actively concentrate on transformation to allow the coupling of infrastructure investments to overall sustainability.

The future administration must establish legislation supporting political stability and social harmony to unleash industrial sector development. The adjustments will generate jobs, attract international investors, and lessen import dependency.…