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Political unrest in the north to blame for rise in fuel prices

CARTOON
By | February 15th 2011

By Macharia Kamau

Consumers are set to pay more for fuel over the next month, after the Energy Regulatory Commission (ERC) revised upwards the maximum retail prices that oil marketing firms can charge for petroleum products.

Motorists in Nairobi will from today pay Sh98.08 for a litre of super petrol, close to Sh3 more than they have been paying in the last month. In the last month, a litre of petrol has been retailing at Sh95.67

Retail price of diesel in the capital also goes up by close to Sh4 to Sh91.72 per litre compared to Sh88.71 price.

The prices are according to monthly fuel price schedule released by the oil industry regulator ERC yesterday that oil marketers are expected to adhere in retail pricing of fuel.

The schedule, now in its third month, sets maximum prices for petrol, diesel and kerosene

In Nakuru, a litre of super petrol will retail at Sh99.14 and over Sh100 in Eldoret and Kisumu.

Global prices

Diesel in Nakuru will retail at a maximum of Sh92.78, Sh93.92 in Kisumu and Sh93.87 in Eldoret.

Consumers in Mombasa will pay Sh94.93 for a litre of petrol and Sh88.59 for diesel.

ERC attributed the increase in prices to rise in prices of crude in the international markets as well as political unrests experienced in North Africa in January.

"Last month, the international prices of crude oil and refined petroleum products continued on an upward trend, which started in July last year," said Kaburu Mwirichia director general ERC in a statement.

"When the impacts of the above changes are incorporated in the formula for calculating the maximum retail pump prices the overall effect is an increase of between Sh0.94 and Sh3per litre, for the products under review, from the prices published last month."

The setting of the monthly maximum pricing for petroleum products is based on a formula by ERC, which it says captures all prudently incurred costs as well as margins for oil marketers.

The regulator announces new prices on the 14th day of every month and effected on the 15 day.

Oil marketers selling products over the ERC maximum in any of their outlets have their licences withdrawn or pay a Sh1 million fine.

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