EPRA set to announce new fuel prices after adoption of Finance Bill 2023
By Mary Ouko, June 29, 2023
The Energy and Petroleum Regulatory Authority (EPRA) will announce new fuel prices on Friday, June 30, 2023.
In a statement, EPRA stated that the changes follow the adoption of the Finance Bill 2023 which dictates that the Value Added Tax (VAT) on fuel doubles up from 8 to 16 per cent effective July 1, 2023.
“Following the enactment into law of the Finance Act 2023, we will on Friday, 30th June 2023 announce reviewed maximum petroleum pump prices,” the statement reads in parts.
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. ^BO pic.twitter.com/pF7df0VwSG
— Energy and Petroleum Regulatory Authority (@EPRA_Ke) June 29, 2023
The adopted Bill was signed into law by President William Ruto on Monday, June 26, 2023, after a majority of the Members of Parliament (MPs) approved it during the third reading.
During the reading led by the National Assembly Finance and National Planning Committee chairman, Kuria Kimani 184 MPs voted in agreement while the other 88 MPs voted against it.
The ruling government affirmed that the Finance Act will fund the government’s Ksh3.6 trillion budget for the financial year 2023/2024.