The Energy and Petroleum Regulatory Authority (EPRA) has made a public announcement, stating that it will release revised maximum petroleum pump prices on Friday, 30th June 2023.
This announcement comes in response to the recent enactment of the Finance Act 2023, which introduced a 16 per cent Value Added Tax (VAT) on petroleum products.
In a statement issued by EPRA, the regulatory body emphasized its commitment to complying with the new legislation. The Finance Bill, signed into law by President William Ruto on 26th June 2023, has introduced significant changes to the taxation system for petroleum products.
"Following the enactment into law of the Finance Act 2023, we will on Friday, 30th June 2023 announce reviewed maximum petroleum pump prices," stated EPRA.
The introduction of a 16 per cent VAT on petroleum products has sparked concerns among consumers, as it is expected to have an impact on fuel prices. EPRA's forthcoming announcement will provide clarity on how these revised prices will be implemented.
The Finance Act 2023 aims to generate additional revenue for the government and support its fiscal objectives.
While the introduction of VAT on petroleum products may lead to an increase in prices, it is important to note that these changes are part of Kenya Kwanza's broader strategy to strengthen the country's economy and address its financial challenges.
EPRA, as the regulatory authority responsible for overseeing the energy and petroleum sector, plays a crucial role in ensuring that the interests of consumers and industry stakeholders are safeguarded.
The forthcoming announcement of revised petroleum prices will provide valuable information to the public and help them make informed decisions regarding their energy consumption and budgeting.
As the nation awaits EPRA's announcement, it is anticipated that the revised petroleum prices will reflect the new tax regime introduced by the Finance Act 2023.
The public will be closely monitoring these developments, as changes in fuel prices can have ripple effects on various sectors, including transportation, manufacturing, and general cost of living.