East African economies are going through a fresh spike in fuel prices after Saudi Arabia and Russia agreed to extend by three months the removal of 1.3 million barrels of crude per day from the global market in a move that has seen crude price jump by 18 percent to $90 per barrel, the highest since November.
Last week, the global price for the benchmark Brent crude surged 18 percent in three months to $90.04 per barrel from $76.47 in June 5 following the announcement that is expected to fuel further inflationary pressures and hit households and motorists at the pump.
