Kenyan govt denies overpaying Sh16bn under fuel deal with Gulf firms, citing Petroleum Regulations 2023.
Kenyan govt denies motorists overpaying Sh16bn under fuel deal with Gulf firms, stating imported petroleum products are regulated by the Petroleum Regulations 2023. The G-to-G arrangement, initiated on April 1, aimed to address foreign currency liquidity challenges and stabilize the Kenyan Shilling, reducing its depreciation from Sh160 to Sh120 against USD. Subsidies on refined petroleum products were removed in 2022, with a Petroleum Pump Price Stabilisation Framework implemented instead.
August 29, 2024
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