Tough year for Kenyans with sharp rise in global oil prices

Kenyan households should brace for a tough year with a sharp price increase in the cost of basic products following a sustained climb on the price of crude oil that was most remarkable yesterday.

Any rise on the price of petroleum has a huge spillover effect to many sectors including transportation and manufacturing, and the broader economy through the amount spent to pay for fuel imports. Crude oil prices crossed the Sh6,000 ($58) mark a barrel yesterday to shatter an 18-month record, with further increases expected.