East African countries are unlikely to significantly benefit from falling global oil prices due to inadequate storage facilities, a new research paper released by Deloitte East Africa indicates. “East African countries’ failure to set up sufficient oil storage facilities will mean that the region could miss out on a chance to accumulate cheap stockpiles as is the trend abroad,” the research note argues. Over the past few months, global oil prices have more than halved, to stand at just below $50 (Sh 4,568) a barrel for the first time since May 2009. Across East Africa, motorists have however complained that the drop in pump prices is not commensurate with the movements in crude oil prices. “The plunge in prices of oil has rekindled the debate whether lower prices are cascading down to drivers such as the cost of electricity (generated from fossil fuels) and if travellers are […]