NAIROBI, Kenya, April 14 – Motorists across Kenya will feel the pinch at the pump for at least the next one month, after the Energy Regulatory Commission (ERC) effected higher fuel prices in its latest review.
Super petrol shot up by a massive Sh6.81 and will now retail at Sh118.50 in Nairobi.
Diesel went up by Sh3.76 and will now to sell at Sh108.79, while kerosene has risen by Sh2.14 to retail at Sh86.27 in the capital.
The new prices take effect from midnight on Saturday, and follow an increase in the cost of crude and refined petroleum products in the international market.
Through a statement, ERC Director General Kaburu Mwirichia said within the last two months, there had been a steep upward trend in the price of crude and refined petroleum products in the international market.
This, he said, would post a negative impact in current and subsequent price reviews even though the local currency had continue to be relatively stable to the dollar.
The commission also warned all petroleum marketing companies and dealers that it was an offence to sell petrol above the maximum prices published and anyone caught doing so would be liable to pay a fine not exceeding Sh1 million, the withdrawal of their license or both.
High fuel prices are one of the twin factors blamed for soaring inflation rates experienced in the country last year.
The fuel import bill rose from an average of 21.6 percent of the total cost of imports in 2010 to peak at 31.1 percent in August 2011.
There had been a steady drop of fuel prices in the last one month following the strengthening of the shilling against the major international currencies.
The new fuel pricing is set to take effect from April 15 through to May 14.