Letter of credit scare in Kenya, Gulf fuel deal

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A fuel attendant fills up a vehicle at a petrol station on July 1, 2023. PHOTO | FRANCIS NDERITU | NMG

Kenya is reviewing how banks will be confirming letters of credit issued in support of the government-to-government fuel deal with the Gulf after the country risked supply disruptions from a delay in discharging a product last week.

The Business Daily has learnt that there was a delay in discharging super petrol which arrived last week in what the Energy and Petroleum Regulatory Authority (Epra) has attributed to hitches in paperwork by the issuing and confirming banks.

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