How Finance bill will change edible oil prices
Consumers face a potential Sh160 hike per liter for edible oil if the Finance Bill 2024’s proposed 25% excise duty on raw and refined vegetable oils passes. Manufacturers in Kenya alerted the National Assembly Committee on Trade, Industry, and Cooperatives on May 29 about the likelihood of passing the cost to consumers if the bill remains unchanged. This development highlights concerns over increased prices and the potential impact on consumers’ budgets.
Consumers will pay Sh160 more per litre for edible oil if a proposal of 25 per cent on excise duty on both raw and refined vegetable oils contained in the Finance Bill, 2024 sails through parliament.
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Manufacturers of edible oils in Kenya Wednesday, May 29 told the National Assembly Committee on Trade, industry and cooperatives that they will have no choice but to pass the cost to consumers in the event the Bill is passed in its current form.
Source Link : https://nation.africa/kenya/news/consumers-to-pay-sh135-more-for-litre-of-cooking-oil–4640406#story
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