Cheap fuel they said .

zapp_brannigan

zapp_brannigan

I am not a Futurama fan .
East African economies are staring at a fresh spike in fuel prices as Saudi Arabia opts to cut supply by one million barrels per day this month, with the 13-member group of oil producers agreeing to extend their previous oil supply cuts of 3.6 million barrels per day to the end of 2024.

This comes amid rising oil demand in Africa, with the Organisation of Petroleum Exporting Countries (Opec) projecting the demand for the commodity on the continent to increase by 4.31 percent to 4.59 million barrels per day this year, from 4.4 million barrels per day in 2022.

Globally, oil demand is forecast to grow by 2.4 million barrels per day in the second half (July-December) of this year, according to Opec’s monthly oil market report dated June 13.

In 2022, oil demand in Africa increased by 4.76 percent to 4.4 million barrels per day, from 4.2 million barrels per day in 2021.The latest dynamics in the global oil outlook market adds more pressure on the regional oil prices which have been heavily impacted by local taxes.



Kenyans are bracing for the greatest pain of a surge in retail prices of fuel due to the doubling of the value-added tax to 16 percent, even as a court stopped the implementation of the Finance Act 2023.
 
zapp_brannigan said:
East African economies are staring at a fresh spike in fuel prices as Saudi Arabia opts to cut supply by one million barrels per day this month, with the 13-member group of oil producers agreeing to extend their previous oil supply cuts of 3.6 million barrels per day to the end of 2024.

This comes amid rising oil demand in Africa, with the Organisation of Petroleum Exporting Countries (Opec) projecting the demand for the commodity on the continent to increase by 4.31 percent to 4.59 million barrels per day this year, from 4.4 million barrels per day in 2022.

Globally, oil demand is forecast to grow by 2.4 million barrels per day in the second half (July-December) of this year, according to Opec’s monthly oil market report dated June 13.

In 2022, oil demand in Africa increased by 4.76 percent to 4.4 million barrels per day, from 4.2 million barrels per day in 2021.The latest dynamics in the global oil outlook market adds more pressure on the regional oil prices which have been heavily impacted by local taxes.



Kenyans are bracing for the greatest pain of a surge in retail prices of fuel due to the doubling of the value-added tax to 16 percent, even as a court stopped the implementation of the Finance Act 2023.
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Algeria, Libya, Nigeria ,Angola, sudan are top producers in Africa.
If indeed the pan Africanism been advocated for is real, we could be importing from Africa.
But have realized those are hard questions no African leader want to address or risk removal.
 
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