Brace for high pump prices: Kenya’s shrinking subsidy budget forces 90-day tax relief extension Without the record high subsidy, a litre of diesel would have jumped to Sh252.86. Business Just now
But a re-escalation of the US-Iran conflict last month sparked a rally in global prices of Brent crude, setting the stage for a spike in local prices unless the State intervenes in the form of a subsidy or extension of the eight per cent VAT rate.
The State is seeking to extend the eight per cent Value Added Tax (VAT) on diesel, petrol and kerosene from today to mid-December this year to cushion consumers from costly fuel amid escalation in the Middle East war.” It is likely the State will extend the rate of eight per cent when it announces the new prices for the month to November 14, before Parliament passes the Bill to regularise the extension.
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