• About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud
Tuesday, April 13, 2021
  • Login
  • Register
No Result
View All Result
NEWSLETTER
Kenyan Wallstreet
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Personal Finance
    • Technology
    • Startups
  • Podcast
  • Videos
  • Events
  • Blockchain & Digital Currencies
  • Calendar
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Personal Finance
    • Technology
    • Startups
  • Podcast
  • Videos
  • Events
  • Blockchain & Digital Currencies
  • Calendar
No Result
View All Result
Kenyan Wallstreet
No Result
View All Result

Petrol Price Rises by KSh 1.12 After KRA Adjusts Excise Duty Upwards

Mwakaneno GakwelibyMwakaneno Gakweli
October 2, 2020
in Kenyan News, Public Policy
Reading Time: 3min read
Pump Prices. Petrol Price jumps

Motorists will pay Ksh 106.55 for a litre of super petrol, up from Ksh 105.43 for the period between October 3 to 14th, after the Energy & Petroleum Regulatory Authority (EPRA) recalculated pump prices for October in line with changes in Excise Duty.

The recalculations also hiked the price of kerosene and diesel by KSh 0.58, pushing the price per litre of Kerosene to Ksh 83.73 and that of Diesel to Ksh 95.09.

EPRA’s Acting Director-General James Kilozo says the price adjustments follow an upward revision of excise duty to the average inflation rate of 4.94% in the financial year 2019/2020.

ADVERTISEMENT

“Pursuant to Legal Notice No. 194, the Kenya Revenue Authority (KRA) has adjusted the Excise Duty on Super Petrol, Diesel and Kerosene after taking into account the average inflation rate of 4.94% for the financial year 2019/2020,” says Kilonzo in a press release.

Earlier, EPRA cut the cost of Kerosene and Diesel by Ksh 0.50 and Ksh 0.12 respectively, following the marginal decline in the cost of fuel imports for Kerosene and Diesel. However, pump prices for a litre of petrol rose by Ksh 2.65% to Ksh 105.43 in tandem with higher landed cost of imported super petrol.

The increase in the cost of fuel, especially super petrol adds a load to the already high cost of living driven by the sharp rise in the fuel import bill in the past three months.

Higher Excise Duty to hit Alcohol Cigarette Prices

The 5% upward revision in Excise duty which took effect on October 1 will also hit other products, mainly affecting the liquor and cigarette business, among 29 other products.

The move, which aimed at safeguarding government revenues from taxes, has received criticism from beer distributors in the country.

Capital Business quotes Rwathia Distributors Limited MD Maina Gikonyo, who notes that the taxman’s move is ill-timed considering the ongoing pandemic.

“Increasing Excise Duty at this point is also likely to erode the intentions and the gains made with the other measures the government instituted to cushion Kenyans against the economic vagaries brought about by the pandemic”, says the MD.

Similarly, manufacturers earlier said say that the excise duty from annual inflation adjustments will fuel inflation and breed uncertainty following the annual shifts of inflation.

Revenues from Excise Duty for the between June 2019 and June 2020 fell by 6.4% as COVID-19 cut the production of excisable goods.



Hisa App
Previous Post

Kenya’s Insurance Sector Net Profit Hits KSh 15.1 Billion

Next Post

NSE Records a Turnover of KSh 237.4 Million

Related Posts

Family Bank Group Net Earnings up 22.4% to KSh 1.2 Billion

Family Bank to Disburse KSh 500 Million to Agri-businesses

April 12, 2021
BAT profit drops to KSh3.9 billion

BAT Kenya Shareholders to approve KSh 4.5 Billion Dividend Payout

April 12, 2021

Kenya’s Forex Reserves Climb to Highest Level Since February

April 12, 2021

NSE Weekly Turnover Declines 35.3% to KSh 2.06 Billion

April 12, 2021

Sameer Africa’s Profit Climbs to KSh43 Million after KSh1.1 Billion Loss in 2019

April 12, 2021

Kenya’s Flower Exports Recover to 97% – CBK

April 12, 2021

Tea Auction Records a Stagnation in Prices

April 12, 2021

Mombasa Port Cargo Traffic up 10.7% to 9.54 Million Tonnes

April 10, 2021
Load More
Next Post
NSE Turnover Down as Banks Dominate Activity

NSE Records a Turnover of KSh 237.4 Million

Follow Us

  • 7.2k Fans
  • 114.9k Followers
  • 453 Followers

WhatsApp

Subscribe

Telegram  

Subscribe

Podcasts

Upcoming Events

Apr
14
Wed
all-day The Co-operative Bank of Kenya L...
The Co-operative Bank of Kenya L...
Apr 14 all-day
Dividend of KES 1.00
Apr
15
Thu
all-day I&M Holdings Plc Book closure
I&M Holdings Plc Book closure
Apr 15 all-day
 
Apr
16
Fri
all-day B.A.T Kenya Plc Books Closure
B.A.T Kenya Plc Books Closure
Apr 16 all-day
 
Apr
20
Tue
all-day NCBA Group Plc Books Closure
NCBA Group Plc Books Closure
Apr 20 all-day
 
Apr
22
Thu
all-day KenGen Co. Plc Books Closure
KenGen Co. Plc Books Closure
Apr 22 all-day
 
Apr
26
Mon
all-day KCB Group PLC Books Closure
KCB Group PLC Books Closure
Apr 26 all-day
 
View Calendar
Add
  • Add to Timely Calendar
  • Add to Google
  • Add to Outlook
  • Add to Apple Calendar
  • Add to other calendar
  • Export to XML

Featured

Angaza Awards Top 10

Introducing The Top 10 Women Shaping the Region’s Banking and Finance Sector

April 6, 2021
Dan Aceda On Spotify

Spotify and The Business of Music in Kenya

March 16, 2021
Gamestop

Can the Gamestop Situation Happen in Kenya?

February 21, 2021
Hisa App

Announcing Hisa App Public Beta Launch

February 20, 2021
Absa Kenya CEO Jeremy Awori

Absa Marks One Year Since Transition, Commits KSh1.6 Billion into Digital Products

February 11, 2021

About Us

We are a leading integrated digital content platform providing in-depth business and financial news across Sub-Saharan Africa & the globe. Kenyanwallstreet.com is a property of Hisa Technologies Ltd, a financial media & software company.

Contact Us

Kenyan Wall Street
Email: [email protected]
Website: www.kenyanwallstreet.com

Disclaimer

The information contained in this website is for general information purposes only.
Read more..

  • About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud

Copyright 2021. Hisa Technologies. All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Aviation
    • Banking
    • Energy
    • Global Markets
    • Healthcare
    • Infrastructure
    • Insurance
    • Investment
    • Manufacturing
    • Markets
    • Public Policy
    • Real Estate
    • Startups
    • Technology
  • Podcast
  • Videos
  • Events

Copyright 2021. Hisa Technologies. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?