G-to-G eliminated fuel importation brokers, Ruto tells Kenyans abroad
President William Ruto has told off critics of the Government-to-Government fuel importation deal signed between Kenya and three state-owned firms, saying the arrangement has helped cut out middlemen in the trade. Speaking in New York when he met Kenyans living in the United States, President Ruto said the G-to-G fuel import arrangement Kenya signed with […] The post G-to-G eliminated fuel…
President William Ruto has criticized those opposing the Government-to-Government fuel importation deal signed between Kenya and three state-owned firms. Ruto claims the arrangement has successfully eliminated middlemen in the trade, stabilizing fuel supply and foreign exchange. He dismissed the notion that local marketers act as costly middlemen, stating that most fuel stations were empty at the time the deal was signed.
The President met with Kenyans living in the United States to discuss the deal, which was signed in March 2023 with International Oil Marketers. The G-to-G model has been crucial in ensuring a consistent supply of fuel, with the three IOCs sourcing local suppliers for fuel logistics. The arrangement also eased pressure on Kenya's forex market, accumulating an additional $500 million in foreign reserves per month due to the extended credit terms.
Written by urgent.news from KBC's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Ruto meets Kenyans living in New York, witnesses signing of Equity Group Holdings deal kahawatungu.com
- President Ruto, Mudavadi engage US-based Kenyans ahead of UNGA 81 capitalfm.africa
- Ruto meets Kenyans living in US ahead of UNGA engagements kbc.co.ke
- Kenya: Ruto in New York for UNGA 81 to Champion Kenya Investment and Africa Financing allafrica.com
