The cost of basic goods and services has been on the rise with the increase in fuel prices. In this weeks Face off Friday segment we’ll look at the trend at which the fuel prices have been increasing, from the period: 15th December 2010 to date
In the recent past, the Energy Regulatory Commission has made fourteen consecutive fuel price reviews, most of which we done to increase the pump price.
The excuse always given for the rise in fuel prices include:
*Increase in the international price of crude oil and refined petroleum prices
* The weakening of the Shilling against the Dollar
*The rise of financing costs after banks raise interest rates
*Political instability in the oil rich nations
Below is a list of the rate at which the cost of fuel has been increasing in Nairobi: From December 2010 to November 2011
Well, here is my prediction: At this time next year I won’t be surprised if we’ll be buying a litre of Kerosene at KES 200.