National Finance and Planning Committee Chairperson Gladys Wanga [Photo: Wanga Twitter]
Parliament has recommended the reduction of half VAT charged on petroleum products to reduce the price of fuel.
In a report by the National Finance and Planning Committee, the MPs also want the reduction of the excise duty and Petroleum Development levy, and the scrapping of the 1.5 percent railway development levy.
The MPs further want to amend regulations that will see the Energy Petroleum Regulatory Authority seek parliament’s approval before making and announcing price reviews.
The report will be tabled before the National Assembly today.
Should parliament approve the report, the retail price for fuel will go down, by at least 5 shillings per litre for petrol, 4 shillings 28 cents for diesel and 4 shillings 1 cent for kerosene.
The VAT on fuel was introduced in 2013 however its implementation was deferred by three years.