EPRA Set To Announce Updated Fuel Prices
BY STACY ODHIAMBO
The Energy and Petroleum Regulatory Authority (EPRA) is scheduled to announce revised fuel prices on Friday, June 30. This comes after President William Ruto signed the Finance Act, 2023 on Monday, which includes an increase in the value-added tax (VAT) on gasoline from 8 percent to 16 percent.
In a statement released on Thursday, EPRA stated, "On June 26, 2023, President Ruto signed the Finance Bill, 2023, which introduces a 16 percent VAT on petroleum products. Accordingly, EPRA will release the updated petroleum prices on June 30, 2023, in compliance with the finance bill."
Presently, the price of a liter of super petrol in Nairobi is approximately Ksh.182, while diesel and kerosene are being sold at Ksh.167 and Ksh.161 respectively.
The Head of state has attributed the VAT increase on petroleum products to recommendations from his economic advisory team, stating that it will generate Ksh.50 billion for the government.
He explained during a joint media interview at State House, Nairobi on May 14, "By implementing this 8 percent increase, we anticipate obtaining around 50 billion shillings, which will contribute to addressing our country's road infrastructure challenges. To balance this out, I have removed the 3.5 percent road development levy, 2 percent of IDF, and 8 percent VAT on gas for the same fuel."
Tags: Epra Epra New Fuel Prices Signstv
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