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Fuel dealers in deal to convert Sh45bn subsidy arrears into bond
A Fuel Vessel MV Norddolphin 250m Long loaded with 85000 tonnes of Petrol from UAE offloading the precious commodity at the new Kipevu Oil Terminal in Mombasa in this photo taken on April 13, 2023. PHOTO | KEVIN ODIT | NMG
Oil marketers have presented a proposal to the Treasury for the conversion of fuel subsidy arrears worth billions of shillings into an interest-earning debt instrument like bonds to shore up their worsening cash flow.
The companies want their arrears estimated at Sh45 billion converted into a three-year debt instrument, offering them an opportunity to regular interest over the period, said sources familiar with the matter.
