Kenyan Economy

Oil prices expected to hit a record high in Kenya

Oil prices are expected to hit a record high in Kenya today with some areas recording over Sh. 130

Petrol prices are expected to hit a record high in Kenya beginning midnight today.

According to unverified reports from the Energy and regulatory comossion (ERC), the price of petrol in Nairobi is expe Ted to rise with close to Shs 5 to hit a record Shs. 127, the highest prices since over a decade ago.

The last time petrol prices were that high, it was in 2008 during the post election violence.

The rise in petrol prices is expected to weigh heavy on Kenyans especially as the cost of living is expected to go up significantly.

With the current pandemic that has driven hundreds to joblessness, the rise in petrol prices will be a big blow to Kenyans as it hits the Sh. 130 in some places. This is expected to drive anger among Kenyans towards the government as much of the oil price is a result of heavy taxation which accounts to close to 50% of the petrol prices