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TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting, offering insights into Kenyan and global economic trends.
Kenya's benchmark crude oil grade, Murban, recorded a notable price decline in the week ending November 12, according to data published by the Central Bank of Kenya (CBK) in its weekly bulletin released on Friday, November 13.
Murban crude fell to KSh 11,705.50 (USD 90.07) per barrel on November 12, compared to KSh 12,221.44 (USD 94.04) per barrel recorded on November 5, representing a week-on-week decline of approximately KSh 515.94 per barrel.
The CBK attributed the fall in crude oil prices to a reduction in geopolitical anxiety surrounding the Middle East.
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Murban, produced in Abu Dhabi, serves as Kenya's benchmark crude and is used as a key reference point in determining the cost of petroleum imports into the country.
The price movement is particularly significant given its timing.
The Energy and Petroleum Regulatory Authority (EPRA) was scheduled to conduct its monthly fuel pump price review on Saturday, November 14, the day after the CBK released the bulletin.
