ERC lowers Petrol and Diesel prices as 8% VAT takes effect
The Energy Regulatory Commission has announced new fuel prices following the revision of the VAT on petroleum products from 16 percent to 8%.
Petrol prices in Nairobi are now at Ksh.116 per liter while Diesel and Kerosene will retail at Ksh.108 per litre.
“Pursuant to the Finance Act 2018, the Value Added Tax (VAT) on Super Petrol (PMS), Diesel (AGO) and Kerosene (IK) has been revised from 16 percent to 8 percent.Accordingly, ERC has recalculated the maximum pump prices that will be in force from 21st September to 14th October 2018 taking into account the VAT at 8percent.” read a statement from ERC’s Director General Pavel Robert Oimeke.
Oimeke also noted in his statement the increase in price of Kerosene.
“As a result, the pump prices per litre in Nairobi of Super Petrol and diesel decrease by Sh8.80 and Sh7.35 respectively, while that of Kerosene increases by Sh10.71,” read the statement in part