Fuel price/electricity tariff hike: FG, labour to reconvene on February 22 Fuel price/electricity tariff hike: FG, labour to reconvene on February 22
Share
The Federal Government and Organised Labour are to reconvene on February 22 to consider the adoption of the reports of their two technical committees, set up at the height of fuel price and electricity tariff crisis.
The leadership of labour and representatives of the Federal Government, led by the Secretary to the Government of the Federation (SGF), Boss Mustapha, met on Monday night to receive the report of the Technical Committee on Premium Motor Spirit (PMS) Pricing Framework and the Technical Committee on Electricity Tariff.
THE STANDARD
BUSINESS NEWS
Kenyans could soon be hit by another round of fuel pump price hikes as the government reviews pricing of petroleum products.
The Petroleum Ministry in new draft regulations has increased the cost components factored when computing the retail cost of diesel, super petrol and kerosene.
In the proposed formula, motorists will incur new levies such as inventory financing costs, which are expected to help oil marketing companies access working capital. Other components include jetty handling costs, which are fees that will be passed on to entities that facilitate unloading of petroleum products from ship tankers, most of which are government-owned. The new proposed charges are likely to have a far-reaching impact on the economy, with the cost of fuel products having a direct impact on transportation, manufacturing and power production, among other sectors.