Consumption of petroleum products in the FY 2024 stood at 5.46 million cubic metres; a slight 2.1% decline from 5.57 million cubic metres in 2023 and 5.74 million cubic metres in 2022.
- •The consumption of illuminated kerosene thinned out in the FY 2024 compared to the preceding years, possibly due to the rise in popularity for alternative household fuels.
- •Consumption of petroleum products peaked in August 2023, recording 497,000 cubic metres while November 2023 saw the lowest consumption at 422,000 cubic metres.
- •More than nine million cubic metres of petroleum were imported during FY 2024, with the domestic market accounting for 55% of the total import volume.
“During the financial year under review, 9,059,597.15 cubic metres were imported, representing a 2.10% decline from the previous year. This decrease is attributed to a reduction in domestic demand,” EPRA stated.
For the most part of the financial year under review, EPRA noted that prices for super petrol outpaced those for Kerosene and Diesel. Fuel prices peaked around October and November last year and has since then been on a downward trend.
“International crude oil prices are influenced by demand and supply, geopolitics and other market forces. Murban Crude Oil recorded a minimum price of 75.59$/Bbl in August 2023 and a peak price of 93.92 $/Bbl in December 2023,” EPRA added.
A higher throughput in Kenya’s pipelines to the Kisumu, Nakuru, and Konza depots also indicated that there were higher volumes of petroleum delivered to export markets. Export volumes transited through the pipeline peaked in January and May this year.
Demand for Liquefied Petroleum Gas (LPG) – imported via the Mombasa port and other border points like Namanga, Taveta, and Lunga Lunga – exponentially increased to 360,594 metric tonnes in 2023 from 333,830 metric tonnes in 2022.
“The increase can be attributed to government policy to promote use of clean energy such as zero rating taxes on LPG through the Finance Act of 2023, which led to reduction in the price of the commodity,” the regulator noted.
LPG consumption peaked in May 2024 recording over 36,000 metric tonnes used. The lowest consumption was at just about 28,000 metric tonnes in February this year.
