Why rising oil prices should worry us and how to mitigate effects

For more than a decade, the Kenyan Government has talked of plans to set up strategic petroleum reserves. Had it been successful, drawing down from the reserves in moments such as this when retail fuel prices are inching close to record highs could help ease the situation while enabling restocking when prices go down globally.

This simple (albeit cost intensive), yet critical, initiative would have cushioned Kenyans against sudden hikes in the cost of fuel locally should there be a jump in the price of oil in the international market, as it is currently the case.