The 2024 Economic Survey by Kenya National Bureau of Statistics (KNBS) shows that the total volume of petroleum products imported into the country declined by 27.6 per cent to 4.3 million tonnes in 2023.
- During the same period, total exports of petroleum products dropped by 38.5 per cent to 310.2 thousand tonnes.
- Similarly, the total import bill of petroleum products dropped marginally to KSh 626.4 billion in 2023 on account of high global petroleum prices as well as weakening of the Kenyan Shilling against the US Dollar.
- The quantity of petroleum products imported decreased by 27.6 per cent to 4.3 million tonnes in 2023, signaling continued shrinking of petroleum product demand in the country.
In the same period, the total volume of petroleum exports decreased from 504.2 thousand tonnes in 2022 to 310.2 thousand tonnes in 2023.
The value of total exports of petroleum products was KSh 49.8 billion in 2023, a slight decrease from the KSh 50.0 billion recorded in 2022. The value of domestic exports of petroleum products increased from KSh 8.1 billion in 2022 to KSh 12.2 billion in 2023.
On the other hand, demand for Liquified Petroleum Gas (LPG) rose by 9.4 per cent to 365.2 thousand tonnes in 2023, with net imports of petroleum fuel decreasing by 26.4 per cent from 5.4 million tonnes in 2022 to 4.0 million tonnes in 2023.
Average prices of motor spirit premium and light diesel oil in the domestic market recorded increases of 23.6 per cent and 29.1 per cent to KSh 194.50 per litre and KSh 180.33 per litre, respectively, over the review period.
Similarly, average price of illuminating kerosene recorded an increase of 35.1 per cent to KSh 172.05 per litre in the review period. The increase in prices during the year was mainly due to removal of fuel subsidies by the Government of Kenya.
However, average price of a 13-Kg Liquefied Petroleum Gas (LPG) cylinder remained at KSh 2,990.70 in 2023 as a result of existing Government subsidy.
Consequently, petroleum demand for petroleum products remained relatively at the same level as 2022 at 5.1 million tonnes in 2023.
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