Fuel prices set to drop

FUEL prices are expected to decrease by between 30 per cent and 40 per cent next month, according to the Independent Consumer and Competition Commission (ICCC).
Commissioner and chief executive officer Paulus Ain said they would remove the 10 per cent goods and services tax, fuel excise tax and fuel import tariff excise from the calculation template.
Commission staff will be sent to centres around the country to ensure that all fuel station operators comply with the Price Regulation Act.
In terms of store goods, Ain reminds business houses not to increase the price of certain items by 10 per cent without getting the approval of the commission.
Those who fail to comply will be fined K10,000.
“We will be working with other government agencies to ensure that this (price reduction) is passed on to the consumers,” Ain said.
“How do the businesses get that passed on to the consumers? Corporate greed should be avoided at this time by the business community.
“That is our strongest appeal. Given that fuel is a major cost-driver on any economy or business in this case, we want all the businesses relying on fuel – airlines, major industries and the transport sector, shipping, public transport to reduce their fares.”
Ain blames the increase in the cost of goods on “global economic shocks due to inflation, hikes in oil prices and goods”.