Kenya Slashes Petrol, Diesel and Kerosene Prices
At a time when sub-Saharan Africa countries are witnessing increases in gas prices, often by outrageous increments, the Kenyan government has announced the reduction of petrol prices in the country. Citing a stronger currency that is offsetting adverse effects of higher crude oil prices, the government has scheduled the new price regime to begin today.
The East African country has also announced a reduction in the price of Kerosene and Diesel in a move certain to please the population.
The Energy Regulatory Commission shaved off 7.11 shillings from the price of petrol, 3.08 shillings from the price of diesel and 3.63 shillings from the price of kerosene.
A statement from the regulatory body on the reason for the increase stated, “Recently, the local currency has strengthened relative to the US dollar and this has impacted positively on the local pump prices. Over the same period, the mean monthly exchange rate improved to Sh86.79 per US dollar in December 2011 from Sh93.64 per US dollar in the previous month, a change equivalent to 7.32 per cent.”
The regulator also read the riot act to petroleum product marketer stating it will issue a fine of KES 1 million to any marketer selling beyond the maximum price.
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Andrew Higgins
July 19, 2014 at 12:22 pm
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