Kenyans should brace themselves for harsh economic times ahead after the Energy and Petroleum Regulatory Authority released new fuel prices on Tuesday 14th June.
The agency increased the prices of the commodities by sh 9 countrywide. This means that petrol will be sold at sh 160 while diesel will retail at sh 140 in petrol stations around Bungoma town, Kerosene will retail at sh 127.
The increase in petroleum prices will therefore result in high prices for basic commodities in the country. This is due to the increased costs that the manufacturing sector will incur during production of goods since most factories require fuel to run machines.
Increase in fuel prices will also lead to increased transport costs. The cost of transporting goods to and from market places will go higher thus increasing prices of fresh produce such as tomatoes, vegetables and onions. Bus fares will also go high since most transport companies want to maximize profits despite the tough economic times experienced.
The announcement by the Petroleum Regulatory agency comes a few days after some cooking oil manufacturers revealed that prices of cooking oil may rise further. Therefore Kenyans must prepare to dig deeper in their pockets.
By Edi Mulindo