The inflation rate in Kenya has been rising with each passing month since January. The inflation for the month of May stood at 11.7 percent, is an all-time high forcing many Kenyans to dig deep into their pockets in order to make both ends meet. One of the major drivers of inflation has been the high cost of food prices but what people have failed to understand is that a key factor in determining the price of commodities in the country relies heavily on the price of fuel.
Since the month of January 2017, the price of fuel in Kenya has been fluctuating but maintaining an all-time high as compared to the global market. Diesel is key in driving the economic patterns in the country given that it is widely used in industries as well as the transport sector. When the price of diesel goes up, for instance, the price of commodities, especially manufactured goods, is likely to increase.
We have managed to track the trend of fuel prices in Kenya since the month of January 2017 using Nairobi as a benchmark.
In January, the pump price of petrol was at 96.01 shillings per liter in Nairobi with that of diesel coming in at 84.23 shillings per liter while that of Kerosene was at 64.32 shillings per liter.
In February, the price of petrol increased from 96.01 shillings to 100.27 shillings per liter. The price of diesel, on the other hand, increased from 84.23 shillings to 89.26 shillings while that of kerosene came up from 64.32 shillings to 67.19 shillings per liter.
During the month of March, the price of petrol increased slightly from 100.27 shillings in February to 101.78 shillings. Diesel increased from 89.26 shillings in February to 91.71 shillings while that of kerosene increased to 69.18 shillings per liter.
On April, Kenyan had a reprieve when the price of petrol came down from 101.78 shillings in March to 98.00 shillings. The price of diesel also came down to 88.05 shillings from 89.68 shillings recorded in March while that of kerosene came down by more than three shillings to settle at 65.35 shillings per liter.
During the month of May, the price of petrol rose slightly to 99.59 shillings per liter from 98.00 shillings in April while that of diesel reduced to 88.05 shillings with the same being replicated in kerosene which reduced to 65.28 shillings from 65.35 shillings in April.
For the month of June, Kenyans will witness a slight drop in fuel prices for the next 30 days with petrol retailing at 98.73 shillings, diesel at 86.89 shillings and kerosene at 65.05 shillings per liter.
The image below shows the change in prices of petrol from between January and June:
From the image above, the price of petrol was the highest during the month of March and lowest in January.
The image below shows the change in the price of diesel between January and June:
From the image above, the price of diesel rose consistently, reaching the peak in March. The lowest price was recorded in the month of January.
The image below shows the change in the price of kerosene between January and June in shillings: