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Kenya to pay oil marketing firms for not increasing April fuel prices

The East African
Monday May 10 2021
A vessel offloads fuel at Kipevu Oil terminus within the port of Mombasa. Importation of super petrol, diesel and kerosene into Kenya is undertaken through the Open Tender System. PHOTO | NMG
Summary
Under the agreed plan, the oil marketers will be compensated based on the value of cargo volumes factored in the pricing formula for the April-May pump prices computation, with the refund rate being equivalent to the margin reduction per litre per product for pump prices in Nairobi for the period April 15 to May 14.
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Kenya’s Ministry of Petroleum and Mining has agreed on a plan to compensate disgruntled oil marketing companies (OMCs) for the lower profit margins they made in April by not increasing pump prices. ....

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