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Fuel prices adjusted slightly

NAIROBI, Kenya, Jan 14 – Fuel pump prices have gone up by Sh1.37 in Nairobi after the government adjusted the maximum prices in line with the new price control regulations.

A litre of super will cost Sh95.67 while diesel will sell at Sh88.71 up from the retail price of 87.45 that was being charged in the last one month.

The Energy Regulatory Commission (ERC) said motorists in Mombasa will in the next one month buy super petrol at Sh92.53 with diesel selling at Sh85.59.

In Kisumu, super petrol has been capped at Sh97.87 while that of regular will be Sh99.37.

“Motorists in Mandera will pay Sh107.21 for super and Sh100.26 for diesel,” said a statement from the ERC.

Director General Eng Kaburu Mwirichia said the increase reflected a six to seven percent rise in international crude prices which went up from $85 per barrel in November to $91.85 in December 2010.

Read the ERC statement here.

“During the December 2010, the international prices for crude oil and refined petroleum products continued on an upward trend which started in July 2010. The Free on Board price for Murban crude oil lifted during December 2010 was posted at $91.85 per barrel an increase of seven percent from $85.65 in November 2010,” said the DG.

The ERC further said that the average landed cost of super petrol went up by eight percent to $898 per metric tonne while that of diesel rose by six percent to $815.

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“When the impact of the above changes are incorporated in the formula for calculating pump prices the overall effect is an average increase of less than two percent of the Mombasa maximum retail prices from the prices announced last month.

Eng Mwirichia was quick to remind oil marketers who fail to comply with the new rates that they risked being penalised according to the Energy Act of 2006.

The gazettement of the Energy (Petroleum Pricing) Regulations in December last year calls for a review of the pump prices every 30 days which falls on the 15th of every month.

The decision to regulate fuel prices stemmed from the realisation that marketers were colluding to fix prices to their advantage, a move that led to a rise in the cost of living and rendered many businesses unviable.

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