NEW PUMP PRICES TO BE ANNOUNCED ON FRIDAY

The Energy and Petroleum Regulatory Authority (EPRA) is on Friday, June 30, set to announce reviewed fuel prices.

This will come after President William Ruto signed into law the Finance Act, 2023 on Monday. The Act comprises an increase of value-added tax (VAT) on gasoline, from 8 per cent to 16per cent.

“On 26th June 2023, H.E. the President Dr William Ruto signed into law the Finance Bill, 2023 introducing a 16 per cent VAT on petroleum products. Accordingly, EPRA will tomorrow 30th June 2023 release the reviewed petroleum prices in compliance with the finance bill 2023,” the authority said in an announcement on Thursday, 29th June.

Currently, a litre of super petrol in Nairobi will cost around Ksh.182 while diesel and kerosene are selling at Ksh.167 and Ksh.161 respectively.

President Ruto has said the VAT increase on petroleum products was suggested by his economic advisory team, arguing it will give the government Ksh.50 billion.

“This 8 per cent we are adding will give us about 50 billion shillings and begin to deal with the problem of roads in our country. I have removed on the same fuel, 3.5 per cent road development levy, 2 per cent of IDF, and removed 8 per cent VAT on gas,” he said in a joint media interview from State House, Nairobi on May 14.

Whitney Akunga