Kenya has extended its reduced Value Added Tax (VAT) on petroleum products for another three months, keeping the rate at 8% until mid-October to shield households and businesses from volatile global oil prices. The tax cut, introduced in April after crude prices spiked due to the US-Israeli conflict involving Iran, was initially scheduled to expire this month. Energy and Petroleum Minister Opiyo Wandayi said the government will also roll out a subsidy worth roughly $7.31 million to maintain current pump prices during the July-August pricing cycle. He assured the public that fuel supplies remain steady despite renewed tensions between the US and Iran. The move comes after transport operators staged a strike in May over rising fuel costs.
Reuters