NAIROBI: Kenya's energy regulator raised fuel prices on Friday, saying this was due to rising international crude oil and refined product prices, increasing the likelihood of higher inflation.
Fuel prices have a big effect on the year-on-year rate of inflation, which fell to 6.09 percent in August from 7.74 percent a month before.
The Energy Regulatory Commission (ERC) raised the maximum price of a litre of super petrol in the capital, Nairobi, by 2.47 shillings to 108.95 shillings ($1.29), and that of a litre of diesel by 3.99 shillings to 101.07 shillings. Super petrol hit a high in May of 121.13 shillings per litre.
The price of kerosene will go up by 5.68 shillings to 79.65 shillings a litre, ERC said in a statement.
"There has been an upward trend in the prices of crude and refined petroleum products in the international market over the last three months and, this is the cause of the upward adjustments of the retail pump prices," said the statement.
The prices will take effect on Sept.15 and be in place for one month.
Kenya's economy is highly dependent on diesel for transport, power production and agriculture while kerosene is used in many homes for lighting and cooking.
Comments
Comments are closed.