Weak Kenya shilling erodes gains from falling global crude oil prices

A weaker Kenya shilling (KES) has eroded the benefit that industries and homes would have had from falling international oil prices with the latest review showing slight drops in the prices of diesel and kerosene, however, the country’s energy regulator, the Energy Regulatory Commission on Wednesday raised the price of gasoline.

The Shilling has lost about 15 per cent against the U.S. dollar this year, and touching an all-time low of 95.65 on Monday. Its average exchange rate in July was 89.90 and 92.79 in August.

The new changes will be in effect from Sept. 15