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Africa Hiking Taxes Drive Fuel Prices North

As of July 1, price for petroleum products in Tanzania increased drastically owing to the amendments outlined in the country’s new Finance Act as passed by parliament.  A huge chunk of the money you pay at the pump goes to the government in taxes; in fact the government takes anything between 30 and 40 percent in form of taxes, levies and regulatory fees.

Nonetheless, Tanzania’s Energy and Water Utilities Regulatory Authority (Ewura) still attributed the price hike to global trends, in part admitting to the tax effect and in part deflecting it to global trends.

The African continent has been portrayed in most literature as the “Dark Continent”, with not many expectations from it. This degrading view is slowly fading from the trending news globally, as the continent continues to headline great achievements. 

 

There has not been a shortage of millionaires as well, with new six-figure worth individuals being added each year impacting the socio-economic outlook on the continent.