Rubis Reports €17M FX Loss in Kenya, Eyes Recovery

Rubis Oil cites forex loss of Sh2.28B in Kenya, urges margin reforms and welcomes shilling rebound after harsh 2024 currency volatility.

Rubis Oil Faces Sh2.28B Forex Loss in Kenya, Cites Margin and FX Challenges

NAIROBI, Kenya – April 2025 — French oil giant Rubis has flagged Kenya and Nigeria as its most challenging markets in Africa, largely due to currency volatility and regulatory bottlenecks.

In its 2024 financial disclosures, Rubis reported a €17 million foreign exchange loss (approximately Sh2.28 billion) in Kenya, blaming it on the depreciation of the Kenyan shilling and delayed adjustments in retail fuel margins.

📌 Related: Kenyan Shilling Recovery Timeline 2024

💱 Forex Losses Trigger Alarm

“In Africa, the difficult operating conditions in Nigeria and Kenya, combined with high volatility in the foreign exchange rate in Kenya, led to increased pressure,” Rubis said in its financial report.

Despite the setback, Rubis continues to maintain its presence, controlling 15.96% of Kenya’s fuel market share, just behind Vivo Energy at 21.34%.

📌 Explore: Top Oil Marketers in Kenya 2025

📈 Shilling Strengthens After Slump

Amid the forex-driven losses, the Kenyan shilling appreciated by 17% against the US dollar in 2024, closing the year at 129.2 units per dollar.

This rebound has helped ease pressure on energy firms importing fuel and reduced hedging costs, offering hope for improved earnings stability in 2025.

📌 Read: Forex Risks in East Africa’s Fuel Sector

⛽ EPRA Responds with Margin Increases

To cushion oil marketers from rising costs, the Energy and Petroleum Regulatory Authority (EPRA) has implemented a phased increase in retail margins, including:

📌 Learn more: EPRA Fuel Pricing Policy Explained

These adjustments are expected to boost revenues for oil companies while helping them absorb operational and forex shocks.

📊 Market Share: Rubis Holds Second Place

Rubis remains a key player in Kenya’s downstream oil sector, holding:

• 15.96% market share as of December 2024
• Over 200 retail service stations
• Strong supply chain assets, including fuel depots and logistics hubs

📌 Related: Fuel Retail Competition in Kenya 2025

🔮 Outlook: Optimism Amid Stabilisation

Despite recent losses, Rubis remains cautiously optimistic about its East African operations.

“Regulatory improvements and currency stabilisation could help reduce the headwinds,” said a senior company executive.

As Kenya’s forex market stabilizes and regulatory clarity improves, Rubis expects gradual recovery in margins and investment confidence in 2025.