EPRA to announce new fuel prices as 16% VAT takes effect on Friday

The Energy and Petroleum Regulatory Authority (EPRA) will on Friday announce new fuel prices.

The new prices are as a result of the new Value-Added Tax on petroleum products, which will now be at 16 per cent, following the passing of the 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.

Previously, Petroleum products were subjected to 8 per cent VAT.

This comes about two weeks after EPRA announced new fuel prices for the month of June-July. The price change was to run from June 15 to July 14, 2023. 

On June 14, the Authority announced that the price of super petrol had decreased by Sh0.66 to retail at Sh182.04, while diesel had been reduced by Sh1.12 to retail at 167.28 in Nairobi. 

However, the price of kerosene was increased by Sh0.35 to retail at Sh161.48.

With the new VAT rate taking effect, the price of super petrol is likely to retail at Sh196.60 in Nairobi, diesel at Sh180.66, and Kerosene at Sh174.39.

In Mombasa, super petrol will likely retail at Sh193.54, diesel at Sh177.61 and kerosene at Sh171.34.

Mandera will be the most hit with the new prices, where super petrol will likely retail at Sh210.69, diesel at Sh194.75 and kerosene at Sh188.48.   BY  THE STAR