Business
Kenya To Enjoy Drop In Fuel Prices As Russia, Saudi Arabia Clash
Saudi Arabia, the world’s top oil exporter, launched an oil price war over the weekend after an alliance between Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) ended due to the coronavirus crisis.
Saudi Arabia and Russia had orchestrated supply cuts of 2.1 million barrels per day since. Saudi Arabia wanted to increase the number of barrels to 3.6 million through 2020 to take account of weaker consumption a move OPEC did not appreciate.
After OPEC failed to strike a deal with its allies, led by Russia about these oil production cuts, Saudi increased production and cut prices, sending the markets into turmoil.
The plunge in oil prices, however, comes as good news to net oil importers, Kenya included as it is indicative of future downward adjustment to pump prices.
The Energy and Petroleum Regulatory Authority (EPRA) is set to adjust its maximum pump prices on Saturday with all indicators pointing to a downward review to costs.
Kenya, however, depends on Opec and Russia not to sort out their differences and agreeing on cutting production in the coming few days, should the oil war end, it would mean that Kenyans will not benefit from the biggest crude oil price drop in four years.
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