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Crude Oil importers call for tax reduction

30 October 2015, 12:54 Ken Wekesa

Mombasa - Vivo energy managing director, Polycarp Igathe has called upon the national oil regulators through the ministry of energy to reduce the cost of importation and taxation to enable the wholesalers realize profit.

Igathe note that currently the regulators should consider the wholesalers in the price control environment where he claimed they are not maximizing on profit.

“Currently, we are making a profit of KES 7 per liter but we urge the regulators to at least give us an extra shilling,” said Igathe.

Speaking after commissioning the VIVO deport in Mombasa that is expected to hold 14 million liters of petrol, Igathe said the storage tank will reduce the cost of fuel in the country especially for those buying the product at home will have a low demurrage.

Read Also: Kenya's KCB sees regional markets boosting 2015 earnings

He further said the new storage tanks will help create business opportunities in the region and help fight stiff competition being experienced in the region.

He also said the new storage facility will enable Vivo energy Kenya to support its rapidly growing retail business which has witnessed 30% growth over the last two years.

Igathe also said the company was investing UD 300 million in the next three years to build new service station and refurbish ones that our customers can receive high quality fuels and lubricants.

He revealed that the company is now building a 25 million liter storage for diesel at the deport towards ensuring that they expand their business in Kenya.

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Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.

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