World Bank warns oil price shock could push 2.4mn Kenyans into poverty
The lender said higher fuel prices are increasing transport and food costs, eroding household purchasing power and raising operating expenses for businesses, threatening recent gains in economic recovery...
✨ Key Highlights
The World Bank has issued a stark warning that rising global oil prices, exacerbated by conflict in the Middle East, could plunge between 1 million and 2.4 million more Kenyans into poverty this year.
- A warning that the oil price shock could push 2.4 million Kenyans into poverty.
- The warning comes from the World Bank.
- The report also revises Kenya's economic growth forecast down to 4.3 percent for 2026.
Continue Reading
Read the complete article from Capital Business
Part of the Day's Coverage
World Bank Warns Oil Price Shock Could Push 2.4 Million Kenyans Into Poverty - July 2026
The World Bank has issued a stark warning that rising global oil prices, exacerbated by conflict in the Middle East, could plunge between 1 million and 2.4 million more Kenyans into poverty this year. Meanwhile, President William Ruto announced that a new oil refinery planned for Lamu, developed with Nigerian billionaire Aliko Dangote, is expected to generate at least 60,000 jobs and establish Kenya as a regional energy hub. Separately, South Sudan is broadening its fuel import program to include more Kenyan and international oil marketers, aiming to break Pacific Petroleum's exclusive deal and stabilize fuel prices.
