BOL declares readiness to take over fuel imports

From April 1, BOL will import 90% of the country’s fuel imports and on-sell this to the existing multinational oil companies that are operating in the country and have previously imported for themselves. Citizen companies will have the right to import the outstanding 10%.

Last October, through a Statutory Instrument, BOL secured the 90% import quota, which officials say will ensure security and stability of supply, provide leverage to negotiate better prices and terms as well as empower citizen entrepreneurs in an industry dominated by large, foreign multinationals.