The government has renewed its agreement with three Gulf companies to continue importing fuel on credit for the next two years.
According to reports, the Energy and Petroleum Regulatory Authority (EPRA) Director General, Daniel Kiptoo, would continue supplying petrol, diesel, kerosene and jet fuel under a 180-day credit plan.
Nevertheless, Kiptoo discoursed that Kenya would activate the agreement towards the end of the year once the country completes importing the remaining oil consignment secured under the previous agreement.
He clarified that the delay in shipping the remaining oil consignment into the country was due to Uganda’s decision to source its fuel directly after abandoning its previous deal with Kenya.
The Director General further emphasized that the G-to-G oil deal had significantly helped local companies that import petroleum as they no longer needed to use scarce foreign currency when purchasing oil on the international market.
This will mark a second time that Kenya is renewing an oil deal with three companies as part of the government’s strategy to stabilize the macroeconomic environment, which was first launched in April 2023.
