Marketers are under obligation from Kenya Revenue Authority to pay taxes as soon as ships carrying the oil dock at Mombasa port. “Converting product sales to working capital is a 60 to 90 days cycle and therefore most oil marketers are forced to borrow money from commercial banks. Petroleum Institute of East Africa Chairman Powell Maimba said the Sh6 road maintenance levy that was added to every litre of diesel and petrol will put pressure on the marketers’ working capital. He disclosed that the oil marketers are currently carrying out a joint review that is likely to ready by end of next month. On average, the oil marketers import 500 million litres a month.

Source: Standard Digital June 20, 2016 20:37 UTC