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Fuel Crisis Looms as Petroleum Dealers Threaten to Stop Supply
Kenyan petroleum dealers are threatening to halt fuel supplies nationwide unless the Energy and Petroleum Regulatory Authority (Epra) increases pump prices to reflect the true market cost. The dealers cite operating losses and depleted working capital due to the current pricing not accounting for escalating global fuel costs exacerbated by the Middle East crisis. The Consumers Federation of Kenya (COFEK) has strongly criticized a proposed fuel compensation plan by EPRA, arguing it favors oil marketing companies and risks taxpayer liability. At the same time, TotalEnergies Marketing Kenya has moved up to second place in Kenya's oil market share, surpassing Rubis Energy Kenya, according to the latest report from the Energy and Petroleum Regulatory Authority.
Oil Prices Surge Above $100 as US-Iran Talks Create Market Volatility
Oil prices surged back above $100 a barrel as conflicting reports emerged about potential talks between the United States and Iran, creating market volatility. Hundreds of millions of dollars were bet on oil contracts just before US President Donald Trump announced a postponement of strikes against Iran. The spike in trading activity, which occurred minutes before Trump's social media post, has led to speculation of insider trading. Meanwhile, Slovenia has become the first EU country to introduce fuel rationing on March 24 due to disruptions in global energy markets caused by the US-Israeli strikes on Iran and its retaliation.
