The energy petroleum and regulatory authority will tomorrow make revision of fuel prices following the enactment of the finance bill.
“Accordingly, EPRA will tomorrow 30th June 2023 release the reviewed petroleum prices in compliance with the finance bill 2023,” Epra has stated.
In a statement to newsrooms the regulator says the changes will take effect from the 1st of July 2023.
This comes on the back of the signing of the controversial act by president William Ruto on 26th June 2023, that introduces an increase of VAT on petroleum products by 8 percent to 16 percent.
“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.,” Epra notes.
Kenyans will have to dig deeper into their pockets, with an increase of fuel prices, by approximately 13 shillings in petrol, diesel and kerosene per liter.
At the same time, the act also will see the negligible downward revision of railway development levy, and the import declaration fees by one percent on each.
The import declaration fees has shoot down from 3.5 percent to 2.5 percent where as the Railway development levy will come down from 2.5 to 1.5 percent.
This will be the second revision made in the month of June, following the changes that took effect on 14th of this month.