Rise in Oil price may increase Kenya’s trade deficit – Expert

2 weeks ago

Stanbic regional economist, Jibran Qureishi, has warned that the rise in the price of oil is likely to increase Kenya’s current deficit balance of payment.

Stanbic says with the rising price of crude, import bills get higher.

Image result for crude oil

Kenya , a net importer of goods with petroleum items contributing as much as five percent to overall import bills.

The price per barrel of crude in the international market has risen by 12 per cent to $56 in the past six months.

Oil is expected to edge higher now that producing countries agreed on production cuts.

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