- NAIROBI: Kenya has very slightly lowered diesel and kerosene prices offering some respite to millions of people who rely on the fuel for transportation and lighting though the move may do little to cool inflation in east Africa’s biggest economy.
On Wednesday, the country’s Energy Regulatory Commission (ERC) lowered diesel prices by 0.80 shilling ($0.008) to 108.17 shillings per liter, and kerosene by 0.67 shilling to 88.29 shillings a liter.
“To cushion kerosene consumers from the impact of the rising international prices, the Commission has maintained a lower maximum allowed wholesale margin on kerosene at 4 shillings per liter, instead of 6 shillings,” the ERC said in a statement.
The country is grappling with rising inflation, which has been on an upward trend for the past 10 months, with year-on-year inflation hitting 16.67 percent in August from 15.53 percent in July on escalating food prices.
Despite its price cuts, the Commission raised petrol prices by 0.53 shilling per liter to 117.75 shillings citing a weaker local currency. The Kenyan shilling has lost 17 percent against the dollar this year.