Shock for Kenyans as oil firms raise prices

The recent changes in taxation rules for oil products have translated into higher retail prices.

Yesterday, oil marketers said they would adjust the pump prices by Sh3.75 per litre across the board to reflect increased cost of trading in the products following the coming into effect of the new tax rules on Monday.

The price changes are expected to be effected before the end of the week.

Senior officials at the Petroleum Institute said oil firms had decided to make the adjustment to hedge against increased operations costs.

The Standard