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Fuel prices hiked despite an all-time-low price on the global stage

15 March 2015, 08:47

Nairobi - Fuel consumers will be forced to dig deep into their pockets after the Energy Regulatory Commission announced new hiked prices for the commodity.

The unprecedented announcement came less than two months when the very same body intervened and lowered the prices which had hit the rooftop by mid-January.

This comes despite the global surge of fuel prices which pundits in the industry have blamed on massive production by the likes of Saudi Arabia (one of the world’s largest oil producers and exporter) and the Russian-Ukraine standoff over Pro-Moscow Separatists in the Eastern Region of Ukraine.

The standoff has since attracted sanctions from both the European Commission and the United States of America.

However, the continued massive production of oil products by both the United States and Saudi Arabia is mainly to be blamed for the low prices.

The demand of the crucial commodity has been drastically waning overtime thus forcing price cuts. By early February 2015, the price of one barrel of crude oil was near its half-price same time last year.

Many countries have since reduced the prices of oil products drastically over the past six months. The reprieve announcement by ERC the other day was deemed long overdue and as such, the turnaround today is undeniably a disturbing development as far as fuel consumers in the country are concerned.

Also read: Fuel prices record significant drop, says ERC

In the latest announcement, petrol price goes up from KES 84.76 to KES 89.46, kerosene from KES 52.40 to KES 55.75 and diesel from KES 75.34 to KES 76.20.  

The regulatory body has attributed the unexpected increment to a slight upsurge of fuel imports.

According to the figures given to the press, the overall cost of diesel imports increased from US$543.88 (January 2015) to US$555.66 a ton (February 2015), kerosene from US$522.33 to US$574.13 a ton (January-February period), and petrol from US$571.70 to US$645.69 during the same period.

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The commission further warned that whoever will go against the spirit of hiking the prices of fuel will be liable to a fine of one million Kenyan shillings or have their operating permits withdrawn.

- MyNews24

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