No more reduced prices: Fresh fall in shilling value to hike fuel, food prices
==========
The Energy and Petroleum Regulatory Authority (EPRA) announced a drop in fuel prices for April 2024 following trends in the strength of the shilling. However, the value of the Kenya shilling registered a fresh decline in the third week of April 2024 to trade at KSh 132.5. Petroleum Outlet Association of Kenya (POAK) chair Martin Chomba warned that with the current upsurge in global fuel prices, weak shilling could reverse the gains Kenya has made. Chomba noted that should the shilling stabilise at below KSh 135, then the country's economy stands a chance to rebound. However, if the shilling slides past the KSh 135 mark against the greenback, it will mean more fuel and food prices, thus increasing inflation. The Central Bank of Kenya (CBK) reported a strong performance in the country's economy during the first three months to March 2024. CBK Monetary Policy Committee (MPC) projected a rebound in the 12 months to December 2024, supported by strong agricultural activities. Market analysts argue a fresh fall in the shilling value will reverse these projections due to costly fuel, which is the main economic driver in the country.
#KenyaShilling #FuelPrices #Economy #EnergyAndPetroleumRegulatoryAuthority #PetroleumOutletAssociationOfKenya #CentralBankOfKenya
https://www.tuko.co.ke/business-economy/energy/545319-kenya-shilling-falling-expert-shares-implications-trend-cost-fuel-economy/
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2024-04-18 12:40:16
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2024-04-18 12:40:16Event JSON
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"content": "No more reduced prices: Fresh fall in shilling value to hike fuel, food prices\n==========\n\nThe Energy and Petroleum Regulatory Authority (EPRA) announced a drop in fuel prices for April 2024 following trends in the strength of the shilling. However, the value of the Kenya shilling registered a fresh decline in the third week of April 2024 to trade at KSh 132.5. Petroleum Outlet Association of Kenya (POAK) chair Martin Chomba warned that with the current upsurge in global fuel prices, weak shilling could reverse the gains Kenya has made. Chomba noted that should the shilling stabilise at below KSh 135, then the country's economy stands a chance to rebound. However, if the shilling slides past the KSh 135 mark against the greenback, it will mean more fuel and food prices, thus increasing inflation. The Central Bank of Kenya (CBK) reported a strong performance in the country's economy during the first three months to March 2024. CBK Monetary Policy Committee (MPC) projected a rebound in the 12 months to December 2024, supported by strong agricultural activities. Market analysts argue a fresh fall in the shilling value will reverse these projections due to costly fuel, which is the main economic driver in the country.\n\n#KenyaShilling #FuelPrices #Economy #EnergyAndPetroleumRegulatoryAuthority #PetroleumOutletAssociationOfKenya #CentralBankOfKenya\n\nhttps://www.tuko.co.ke/business-economy/energy/545319-kenya-shilling-falling-expert-shares-implications-trend-cost-fuel-economy/",
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