The Central Bank of Kenya has today set the US Dollar to Kenyan Shilling exchange rate at Ksh158.66 ahead of tomorrow’s fuel review by the Energy and Petroleum Regulatory Authority (EPRA).
CBK’s current exchange rate is contrary to commercial banks and other financial entities which set the rate at Ksh156, Ksh157 and others at Ksh158 as the shilling continues to gain strength against the dollar.
The previous week CBK announced that the shilling would continue to stabilise in February and March, attributing the gain to favourable diaspora remittances and the thriving Tourism industry.
This significant growth from a previous 21 per cent fall recorded in December 2023 offered traders a major boost as import prices of various products recorded a drop too.
In efforts to strengthen the shilling, CBK increased the base lending rate from 12.50 per cent to 13 per cent, to attract foreign investors looking for better returns and to also stabilise the local currency.
According to CBK, the dollar traded with the shilling at an average of Ksh160 in January.
It is yet to be clear whether EPRA will once again use a parallel rating to CBK’s for the February 14 fuel prices.
Petrol, Diesel and Kerosene have been retailing at Ksh207.36, Diesel at Ksh196.47, and Kerosene at Ksh194.23 for the period between January 14 and February 13, 2024.
EPRA decreased the prices by Ksh5 for Petrol and Diesel and Ksh4.82 per litre for Kerosene.
Recently, international oil market prices dropped, with petrol falling by 10.66 per cent, diesel by 11.20 per cent and kerosene by 5.82 per cent, prompting Kenyans to expect low fuel prices tomorrow.
Recent Comments