Tomorrow’s fuel price increase is planned
Tomorrow’s fuel price increase is planned
After the Finance Act 2023 takes effect on Friday, June 30, the Energy and Petroleum Regulatory Authority (EPRA) will issue new fuel pricing.
In a statement released on June 29th, EPRA emphasized the cause of the adjustment and cited the increase in fuel’s Value Added Tax (VAT) from 8% to 16%.
It is anticipated that the additional eight percent Value Added Tax (VAT) on petroleum products will have a significant impact on a number of variables, including fuel prices per liter, the price of essential household goods, and government income.
Two weeks ago, on June 14, EPRA evaluated gasoline rates, which resulted in a drop in the price of petroleum products.
After the Finance Act 2023 takes effect on Friday, June 30, the Energy and Petroleum Regulatory Authority (EPRA) will issue new fuel pricing.
In a statement released on June 29th, EPRA emphasized the cause of the adjustment and cited the increase in fuel’s Value Added Tax (VAT) from 8% to 16%.
It is anticipated that the additional eight percent Value Added Tax (VAT) on petroleum products will have a significant impact on a number of variables, including fuel prices per liter, the price of essential household goods, and government income.
Two weeks ago, on June 14, EPRA evaluated gasoline rates, which resulted in a drop in the price of petroleum products.
Kuria Kimani, chair of the finance committee, emphasized the need for standardizing VAT because the eight percent had complicated matters for both the government and oil marketing businesses.
He continued by saying that the switch was also required by a global commitment to increase the use of sustainable energy.
“Climate change and being green are topics of discussion on a worldwide scale. According to Kimani on June 21, 2023, many nations are switching from using fossil fuels to using clean energy.
