The Energy and Petroleum Regulatory Authority (EPRA) will in less than 24 hours announce new fuel prices after doubling VAT on petroleum products to 16 percent in Finance Act 2023.
“On 26th June 2023, H.E. the President Dr William Ruto signed into law the Finance Bill, 2023 introducing a 16 percent VAT on petroleum products. Accordingly, @EPRA_Ke will tomorrow 30th June 2023 release the reviewed petroleum prices in compliance with the finance bill 2023,” EPRA said in a notice shared on its social media pages.
Before the controversial Finance Act 2023 which was recently signed by President Ruto, petroleum products were subjected to 8 percent VAT.
On June 14, the EPRA announced that the price of super petrol had declined by Sh0.66 to retail at Sh182.04, while diesel had decreased by Sh1.12 to retail at 167.28 while the price of kerosene was increased by Sh0.35 to retail at Sh161.48 in Nairobi.
In the prices which are set to be announced tomorrow, the price of super petrol will probably retail at Sh196.60 in Nairobi, diesel at Sh180.66, and Kerosene at Sh174.39 in Nairobi.
The northern town of Mandera super petrol is likely to retail at Sh210.69, diesel at Sh194.75 and kerosene at Sh188.48 resulting in skyrocketing cost of living in the country.
Residents have already expressed fears that with an increase of petroleum products to 16 percent, prices for all products including the basic ones will not be affordable.
The country’s political leadership opposition wing led by Raila Odinga has already asked Kenyans to only use vehicles where seriously necessary in order to deny President William Ruto the tax.
However, most Kenyans have dismissed the call as impossible and urged the opposition chief to come up with other strategies or keep off the cost of living debate.
