By JAMES KARIUKIMore by this AuthorPaint makers have hinted at price increases following the introduction of 16 per cent value-added tax (VAT) on petroleum products, a key raw material in its manufacturing process. “Our product prices will surely rise in the next few days once we have quantified the effect of the new petroleum prices on our business. If the cost of living goes up, it always has an impact on the cost of products,” he said. “If this takes effect, expect a five to eight per cent rise in oil-based paint prices as we shall have to increase the production and transportation costs to recoup on our investment. Paint takes up to three per cent of the construction cost and any increment means a severe blow on the finishing of individual projects,” he said.

Source: Daily Nation September 04, 2018 18:22 UTC