Edible oil manufacturers warn of steep price hikes over proposed tax increase

Edibe oil manufacturers Rajan Malde (from left) Pwani Oil Products Director, Fathi Saeed, Golden Africa Kenya MD and Vimal Shah, Bidco Africa Ltd Chairman before the National Assembly Trade, Industry & Cooperatives Committee's to discuss the skyrocketing prices of the important commodity at the Bunge Towers, Parliament, Nairobi. (Elvis Ogina, Standard)

Kenyans should prepare for challenging times ahead as prices of basic commodities are expected to skyrocket should MPs approve the proposal to increase excise duty by 25 per cent in Finance Bill 2024.

According to documents presented by 13 manufacturers of edible oils before a parliamentary committee the cost of palm oil that is imported in the country at $930 per barrel will retail at Sh6,737 for a 20 litre Jerrican from the current Sh4,046 which is an increment of Sh2,691 if the excise duty is increased.