The double-edged sword of Africa’s rising petrol price
Customer attendant at Rubis Petroleum Station on Koinange Street, Nairobi County, Kenya serves his client on April 13, 2023. PHOTO | DENNIS ONSONGO | NM
Business and Technology Reporter in Nairobi, Kenya
Nation Media Group
Several African countries will in July be grappling with increased fuel prices as governments impose more taxes and drop subsidies, moves which, players in the industry argue, present both risks and benefits for the continent’s development.
As Kenya doubles the value-added tax on petroleum products to 16 percent from July 1, Tanzania is introducing excise duty of Tsh80 ($0.033) per litre and increasing the fuel levy by Tsh100 ($0.042). These are expected to significantly increase fuel prices in the two countries.
