Kenya’s fuel import bill hit an estimated KES .1.5 billion a day in the opening six months of the year on the back of high global oil prices.
Data from the Kenya National Bureau of Statistics (KNBS) placed the import bill at KES. 268.5 billion in six months to the end of June, a near-double growth in the expenditure or 98 per cent from a fuel import bill of KES 135.7 billion in the opening half of 2021.
The higher fuel import bill served to push up the value of imports from the Middle East during the opening half of the year.
“Expenditures on imports from Saudi Arabia and the United Arab Emirates (UAE) rose significantly, partly due to increase in the import value of kerosene type jet fuel and motor spirit premium,” KNBS stated.
For Kenyan consumers, the higher fuel import bill has been demonstrated by soaring pump prices for super petrol, diesel and kerosene in recent months.
The price of the three petroleum products peaked at a historical record high of KES 179.30, KES 165 and KES 147.94, respectively, during the September 14 review of maximum-pump prices due to the total withdrawal of subsidy support in the supply of super petrol.
Overall, import expenditure between April and June was up by 35.8 per cent to KES 658.1 billion.
Other imported commodities contributing to the increase in import costs include animal and vegetable oils, organic and inorganic chemicals, wheat, iron & steel, maize and industrial machinery.
