{"id":41033,"date":"2024-05-13T18:23:33","date_gmt":"2024-05-13T18:23:33","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/more-relief-at-pump-likely-as-global-benchmark-oil-prices-drop"},"modified":"2024-05-13T19:35:37","modified_gmt":"2024-05-13T19:35:37","slug":"more-relief-at-pump-likely-as-global-benchmark-oil-prices-drop","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/more-relief-at-pump-likely-as-global-benchmark-oil-prices-drop","title":{"rendered":"More relief at pump likely as global benchmark oil prices drop"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Global oil prices have recorded a six per cent decline ahead of the Energy and Petroleum Regulatory Authority(EPRA) May-June monthly pricing review set for Tuesday.<\/p>\n

The latest weekly bulletin report by the Central Bank shows the benchmark Murban Oil prices declined to $83.28 (Sh10,930) per barrel in one week to May 8.<\/p>\n

This is from $88.64 (Sh11,634) per barrel on May 2.<\/p>\n

The drop is attributed to the current balance in demand and supply of oil, as well as a build-up of oil inventories in countries amid increased geopolitical uncertainties.<\/p>\n

Other Global crude oil benchmarks, Brent and West Texas Intermediate (WTI) crude oil have been priced at $84.6 and $79.9, respectively.<\/p>\n

Murban Oil Prices are used as a benchmark by EPRA, therefore, the trend in fuel prices in the country directly mirrors the worldwide oil pricing trends.<\/p>\n

This is likely to trigger more relief at the pump after the local regulator massively cut prices in April, a move that could signal a soft cost of living.<\/p>\n

EPRA’s April price review saw pump prices reduced by up to Sh18.<\/p>\n

The regulator said a litre of Super petrol had decreased by Sh5.31, diesel by Sh10 per litre while Kerosene has gone down by Sh18.68 per litre.<\/p>\n

In Nairobi for instance, super petrol is now retailing at Sh193.84, Diesel at Sh180.38 and Kerosene at Sh170.06.<\/p>\n

With the declining benchmark prices globally, it is therefore expected to have a notable effect on the fuel prices in Kenya in the coming month further easing the economic pressure in the country.<\/p>\n

Another contributing factor that could see the fuel prices ease further in the coming months is the easing forex exchange pressure.<\/p>\n

The shilling is now conveying a positive recovery against the dollar attributed to the issuance of a $1.5 billion Eurobond to repay the inaugural $2 billion debt that is due June this year.<\/p>\n

Kenya is a net importer, and importers have been feeling the pinch of the weak shilling, spending more on goods brought in, and passing on the burden to consumers.<\/p>\n

However, the recent appreciation of the local currency means good news to both parties.<\/p>\n

In two months to the end of March, the local currency had strengthened by 30 unit values, a 19 per cent gain.<\/p>\n

This means importers were spending Sh19 less on every shilling used to buy a dollar for imports.<\/p>\n

The gain is almost half the value it had lost in four years since early 2020 when it started weakening.<\/p>\n

It had weakened to the low of 161 as of January 2024 from the high of 100 in 2020.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Global oil prices have recorded a six per cent decline ahead of the Energy and Petroleum Regulatory Authority(EPRA) May-June monthly pricing review set for Tuesday. The latest weekly bulletin report by the Central Bank shows the benchmark Murban Oil prices declined to $83.28 (Sh10,930) per barrel in one week to May 8. […]<\/p>\n","protected":false},"author":84,"featured_media":41032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,245,241],"class_list":["post-41033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mauritius","tag-mauritius"],"yoast_head":"\nMore relief at pump likely as global benchmark oil prices drop - Mauritius<\/title>\n<meta name=\"description\" content=\"Global oil prices have recorded a six per cent decline ahead of the Energy and Petroleum Regulatory Authority(EPRA) May- ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/more-relief-at-pump-likely-as-global-benchmark-oil-prices-drop\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More relief at pump likely as global benchmark oil prices drop\" \/>\n<meta property=\"og:description\" content=\"Global oil prices have recorded a six per cent decline ahead of the Energy and Petroleum Regulatory Authority(EPRA) May- ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/more-relief-at-pump-likely-as-global-benchmark-oil-prices-drop\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-13T18:23:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-13T19:35:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2024\/05\/sm_1715612030.076855.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/more-relief-at-pump-likely-as-global-benchmark-oil-prices-drop#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/more-relief-at-pump-likely-as-global-benchmark-oil-prices-drop\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"More relief at pump likely as global benchmark oil prices drop\",\"datePublished\":\"2024-05-13T18:23:33+00:00\",\"dateModified\":\"2024-05-13T19:35:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/more-relief-at-pump-likely-as-global-benchmark-oil-prices-drop\"},\"wordCount\":440,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/more-relief-at-pump-likely-as-global-benchmark-oil-prices-drop#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2024\/05\/sm_1715612030.076855.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mauritius\",\"Mauritius\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/more-relief-at-pump-likely-as-global-benchmark-oil-prices-drop#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/more-relief-at-pump-likely-as-global-benchmark-oil-prices-drop\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/more-relief-at-pump-likely-as-global-benchmark-oil-prices-drop\",\"name\":\"More relief at pump likely as global benchmark oil prices drop - 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