KenolKobil, the Kenyan oil marketer has recorded a 19.7 percent increase in profits in the financial year that ended 31st December 2016 citing increase in sales as well as lower operating cost during the period.
According to the financial results released by the company, the net earnings rose from 2 billion shillings in 2015 same period to 2.4 billion shillings in 2016 while the sales increased to 103.4 billion shillings this being an increase by 19.5 percent. Gross profit on the other hand increased by 0.3 percent from 6.7 percent to seven percent.
The oil marketer now has more than 30 extra retail stations across the country that came up during 2016.
The Energy Regulatory Commission (ERC) on 14th of February announced an increase in fuel prices, something that has seen Kenyans digging deeper into their pockets for the last one month even as they struggle with the biting inflation which now stands at 9 percent having risen from 7 percent in a span of one month.ERC increased the price of a liter of petrol from 96.01 shillings to 100.27 shillings being an increase of 4.26 shillings. The commission blamed the increase in prices to landing cost which it said increased by 8.45 percent per ton for super petrol while that of diesel increased by 12.07 percent and then kerosene came in with an increase of 7.44 percent.
The increase in fuel prices seems to have favored fuel marketers. The ERC is expected to announce the new fuel prices on 14th of this month with Kenyans across the country fearing that the prices might skyrocket even further.
Kenyans continue to struggle with the burden of life coupled with increase in food prices that have led to the increase in inflation which now stands at 9 percent.
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