A brief from the Energy and petroleum regulatory EPRA indicates the increase or rise of petrol by sh 4.30 to sh 127.11 per litre in Nairobi. There are higher expectations for diesel rising from sh 107.66 to sh 109.96 the highest level since December 2018. Fuel prices will increase from Wednesday midnight to the highest level in Kenya’s history. This occurs as a result of rising crude oil costs in which may further strike the public outrage over the high cost of living. Fuel prices rise again.
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This year fuel prices have consecutively increased. High crude oil in March and April is primarily a result of lower crude oil production from members of the organization of the petroleum exporting countries OPEC as announced at their March 4 meeting. This has sparked anger among Kenyans with the costly fuel unleashing pricing pressure across the economy and having ramifications on the cost of living measures.
In February 2021, the organization combined supply disruptions in the united states. This contributed to monthly global petroleum inventory withdrawals estimated at 3.7million barrels per day, the largest monthly withdrawals. In the last reading ending midnight, super petrol prices rose by sh 7.63 to retail at sh 122.81 per litre. Fuel prices rise again. The hikes in pump prices also affected diesel and kerosene, whose prices leapt by sh 5.75 and sh 5.41 per litre respectively.
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Covid 19 Pandemic Contributes to the Fuel Prices Increase
The cost of energy and transport has a significant weight in the basket of goods and services. It is used to measure inflation in the country. Producers of services such as electricity and manufactured goods are also expected in the higher cost of petroleum. This will rise up the electricity bills and hitting household budgets.
The economy also uses diesel for transportation, power generation. Agricultural machinery such as tractors, with a direct impact on the cost of farm produce.