Kenya Commercial Bank has injected over KShs. 120 billion to support Oil Marketing Companies (OMCs) import fuel as it seeks to consolidate its support to the energy sector.
The Bank has been facilitating oil importation into the country by financing the oil firms under its portfolio that have won business under the Open Tender System (OTS) through the Ministry of Petroleum and Mining.
The OMCs now have a secure space to receive refined white oils from international oil suppliers for distribution throughout Kenya and the rest of East Africa. The importation of JET A-1 (Jet Fuel), PMS (Petrol), and AGO (Diesel) goods is among the tenders that were financially supported.
“KCB is a champion of regional commerce, extending its services beyond the border of East Africa and beyond as a catalyst of the energy sector,” KCB Group CEO Paul Russo said.
He added that the collaboration will help oil marketers compete more effectively in the world petroleum market.
President William Ruto last week revoked fuel subsidies leading to an increase in fuel prices by up to KSh 25, this means KCB’s move could play a role in averting a crisis of shortage of the crucial commodity.
Since 2005, Kenya has been importing refined petroleum products through the Open Tender System — whereby the winning bidder solely imports the petroleum products and delivers them to the port of Mombasa, where other oil marketers buy from the importer
Oil marketing businesses can acquire petroleum goods at the same price thanks to the importation of petroleum products through the OTS, which equalizes competition in the petroleum market.
Oil is mostly obtained through the spot market, which is the open market without any prior contracts, and is procured through monthly tenders for OTS. The market is aware that OTS is a successful supply system that generates a competitive and transparent way to make the product available to Kenyans through economies of scale.
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