Kenya Approves 30% Import for National Oil

Kenya Approves 30% Import for National Oil

To minimise Kenya’s reliance on independent oil marketers, the government has announced intentions to award the National Oil Corporation a tender to import 30% of the country’s monthly gasoline needs.

Monica Juma, the Secretary of the Cabinet for Energy, said this is part of a long-term effort to avoid future fuel crises like the one presently underway. She did not, however, provide specifics about the strategy or the amount of money the government intends to invest in the Corporation.

The government will also construct a strategic national petroleum reserve, according to the CS. Kenya has no strategic reserves and is reliant on oil marketers to maintain the 21-day oil reserves needed by industry norms.

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However, in February, the Kenya Gazette issued the Draft Petroleum (Importation) (Quota Allocations) Regulations, 2022. In measures aimed at safeguarding the cash-strapped parastatal, the new law proposes to give National Oil exclusive rights to import a third of all petroleum products into the nation.

If accepted, the proposed reforms will provide the Corporation with a lifeline at a time when rising losses have hampered attempts to stay up with well-funded multinationals like as TotalEnergies, Rubis, and Vivo Energy.

EPRA recently increased the price of a litre of petrol in Nairobi to KSh144.62 from KSh134.72, and diesel to KSh125.50 from KSh115.60 in its monthly review. The price of kerosene will be hiked to KSh113.55 per litre.

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