Fuel prices drop because of tax exemptions: ICCC


RETAIL prices of petrol, diesel, kerosene and zoom have decreased this month due to the Government’s tax exemptions on refined petroleum products, according to the Independent Consumer and Competition Commission (ICCC).
ICCC commissioner and chief executive officer Paulus Ain said the exemption of exercise tariffs and Goods and Services Tax (GST) were applicable on petrol, diesel, kerosene and zoom sold at the retail level.
“Apart from removing the applicable 10 per cent GST from all petroleum products, the applicable exercise duties of 61 toea per litre on petrol, 23 toea per litre on diesel and 2 toea per litre on zoom were all removed. The exercise duty is not applicable on kerosene.