John Mutua

1 week ago | businessdailyafrica.com | John Mutua

Gulf Energy has agreed a $120 million (Sh15.56 billion) deal to acquire the assets of Tullow Kenya, setting the stage for the British firm’s exit from Kenya after 13 years in the country. The two firms disclosed the deal on Tuesday morning, which will see Gulf Energy make three payments of $40 million (Sh5.18 billion) each, the first on approval of Tullow’s Field Development Plan (FDP), but no later than June next year.

1 week ago | businessdailyafrica.com | John Mutua

A parliamentary committee wants the Treasury to reinstate a foreign exchange loss compensation scheme for Kenya’s diplomatic missions abroad to help protect their budgets from the impact of a volatile shilling. The Defence, Intelligence and Foreign Relations Committee said reinstatement of the foreign exchange stabilisation scheme is critical at this time when most diplomatic missions have come under stress amid the shilling’s woes against major currencies, especially in the last two years.

1 week ago | nation.africa | John Mutua

Pump prices will fall by as much as Sh2.40 per litre for the April 15-May 14, 2025 review cycle after the State maintained the subsidy regime--bringing prices to their lowest in at least two and a half years. A litre of diesel will retail at Sh164.86 from Sh167.06 next month, while petrol will cost Sh174.63 from Sh176.58 in Nairobi. The last time a litre of diesel was cheaper than this was in April 2023 at Sh162 while petrol was at Sh159.12 per litre in August 2022.

1 week ago | businessdailyafrica.com | John Mutua

Liquefied petroleum gas (LPG) firm Proto Energy plans to set up autogas filling pumps at stations owned by a multinational oil marketer in Kenya as part of a strategy to scale up its presence in Kenya and take advantage of the growing popularity of vehicles that use the propellant. Autogas is also known as LPGā€”a fuel mixture comprising propane and butane, increasingly used to power vehicles.

1 week ago | businessdailyafrica.com | John Mutua

The Kenya Revenue Authority (KRA) is set to publish a new template for taxing imported second-hand cars by July this year, as it moves to quell disquiet from dealers over inflated duty and legal hitches in the current schedule. A team of officials from KRA and the motor vehicle sector is reviewing the Current Retail Selling Price (CRSP) of 2019 in a bid to incorporate new models and global best practices on determining duty for imported cars.