The sum of probabilities for all possible outcomes of a random variable must be 1.
Given that the possible values of $X$ are 0, 1, and 2, with probabilities $k$, $2k$, and $2k$ respectively.
Therefore, the total probability is $k + 2k + 2k = 5k$.
Setting the total probability to 1: $5k = 1 \Rightarrow k = \dfrac{1}{5}$.
This corresponds to option (B). Let's verify.
The probabilities are $P(X=0)=k$, $P(X=1)=2k$, and $P(X=2)=2k$.
The sum $k + 2k + 2k = 5k$ remains correct.
Thus, $5k = 1 \Rightarrow k = \dfrac{1}{5}$.
The correct answer is (B): $\dfrac{1}{5}$.