Kenyan Fuel Prices Soar Despite Tax Cut Amid Iran Tensions
Diesel prices in Kenya have skyrocketed to record highs, despite a recent reduction in value-added tax, as the ongoing conflict between the US and Iran continues to impact global oil markets.
In a surprising turn of events, fuel prices in Kenya have risen sharply in recent weeks, despite the government's efforts to provide some relief to consumers. The country's Energy and Petroleum Regulatory Authority (EPRA) has announced a significant increase in the prices of diesel, petrol, and kerosene, with diesel experiencing the most dramatic hike.
According to the new EPRA guidelines, the price of diesel has risen by a staggering 5.51 Kenyan shillings (KES) per liter, reaching a record-high of 107.66 KES in Nairobi. This increase comes on the heels of a reduction in the value-added tax (VAT) on fuel from 16% to 8%, which was meant to cushion consumers from the impact of rising global oil prices.
The ongoing tensions between the United States and Iran have been a significant contributing factor to the surge in fuel prices worldwide, and Kenya is no exception. The conflict has disrupted global oil supply, leading to a spike in crude oil prices on the international market. This, in turn, has driven up the cost of refined petroleum products, which are then passed on to consumers at the pump.
{{IMAGE_PLACEHOLDER}}Source: BBC News
