Dar es Salaam. Motorists and other consumers across Tanzania will have to dig deeper in their pockets after fuel prices rose for the second consecutive month.
The Energy and Water Utilities Regulatory Authority (Ewura) on Wednesday announced higher prices for March 2025.
According to a statement signed by Ewura director general James Mwainyekule, petrol, diesel and kerosene prices in Dar es Salaam have risen by 6.27 percent, 6.73 percent and 12.02 percent, respectively.
A litre of petrol now retails at Sh2,996 in the city, up from Sh2,820, while diesel costs Sh2,885 compared to Sh2,703 last month. Kerosene, which has seen the steepest increase, will now be sold at Sh3,036 per litre, up from Sh2,710 in February.
The new price for a litre of petrol in Tanga is Sh3,042, with diesel and kerosene selling at Sh2,932 and Sh3,082, respectively. Last month’s prices for the three products were Sh2,825, Sh2,746 and Sh2,756, respectively.
In Mtwara, petrol, diesel and kerosene now cost Sh3,069, Sh2,958 and Sh3,108, up from Sh2,892, Sh2,775 and Sh2,782, respectively.
Despite the price increases, Ewura’s report indicates that fuel importation costs have generally decreased, with petrol and kerosene import costs dropping by 0.51 percent and 1.91 percent, respectively.
However, diesel import costs through Dar es Salaam Port jumped by 24.42 percent, but import costs through Tanga Port have decreased by 2.6 percent for both petrol and diesel. There have been no changes in import costs at Mtwara Port.
Ewura says in its statement that retailers are free to sell fuel at competitive prices as long as they do not exceed the indicative prices for March.
Additionally, all fuel stations are required to display prices on signboards that are clearly visible and also indicate any discounts or promotional offers available.
“Where possible, customers are advised to purchase fuel from stations offering lower prices to encourage market competition. It is illegal to sell fuel without clearly displaying prices,” Ewura says in its statement and warns that failure to comply with these regulations will result in penalties.
Furthermore, fuel sellers are required to issue sales receipts from electronic fiscal pump printers (EFPP) and buyers must ensure they are given the same.
“These receipts will serve as proof for buyers in case of complaints about overpricing beyond the maximum limit or purchasing substandard fuel. They will also facilitate government tax collection from petroleum product sales.”
Higher fuel costs are expected to have a ripple effect on the cost of living, transport and overall economic activities in the country.
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Britam half-year net profit hits Sh2bn on higher investment income
Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.
The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.
“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.
“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”
The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.
Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.
The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.
Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.
The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.
“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.
Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.
Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.
CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.
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Tanzania: Exim to Raise Fund for Mental Health Facilities Upgrades
EXIM Bank to raise 300m/- over the next three years for financing essential services and infrastructure upgrades in mental health facilities.
The bank’s Head of Marketing and Communications Stanley Kafu unveiled this when introducing Exim Bima Festival 2024 as a platform for bringing together individuals, organisations and various sectors for raising the funds.
“Exim’s initiative aligns with the government’s broader goals to ensure that every citizen has access to quality healthcare, including mental health services,” he said.
The initiative, which is one of the events for celebrating the bank’s 27th anniversary is scheduled for Wednesday this week in Dar es Salaam.
Mr Kafu highlights that this year’s festival is not only about raising awareness of the importance of insurance in the society but also focuses on enhancing access to mental health services and improving the overall well-being of the nation.
Statistics from the Ministry of Health shows a staggering 82 per cent increase in mental health cases over the past decade.
Mental cases have risen from 386,358 in 2012 to 2,102,726 in 2021, making the need for mental health services more urgent than ever.
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Unfortunately, the country’s ability to address this growing challenge is hindered by a shortage of mental health professionals, infrastructure, medical equipment and essential medication.
For example, out of the 28 regions in the country, only five have facilities that provide adequate mental health services.
The most affected group is the youth aged 15 to 39, who represent the nation’s workforce, underscoring the need for intensified efforts to safeguard this generation for Tanzania’s future well-being and development.
Mr Kafu said by improving mental health services, Exim aims to contribute to the creation of a network of communities that can access care quickly and affordably.
Exim Insurance Department Manager Tike Mwakyoma said they are appreciating the support from partners in the insurance industry, who have stood by them since the last festival.
“Let’s continue this unity for the development of all Tanzanians and our nation as a whole,” the manager said.
Source: allafrica.com
