Kenya’s oil import bill rose 18.5 percent in the first quarter of 2024 compared to a similar period in 2023 amid higher global fuel prices and rising freight costs, the national statistics bureau said on Monday.
The Kenya National Bureau of Statistics (KNBS) said the East African country imported fuel and lubricants worth 169.5 billion Kenyan shillings (about 1.29 billion U.S. dollars) in the first three months of 2024, an increase from 143 billion shillings during a similar period in 2023.
The price of oil per barrel during the period was between 80 and 85 dollars, while in 2023, during the same period, a barrel went for between 78 and 82 dollars.
Kamau Thugge, governor of the Central Bank of Kenya, in his latest monetary policy committee brief, attributed Kenya’s high oil import bill in 2024 to rising “freight costs due to longer transit by shippers to avoid possible attacks on vessels in the Red Sea.”
“International oil prices have moderated due to reduced risk premiums from the Middle East conflict and improved supply from non-OPEC and oil producers,” Thugge said.
On the other hand, Kenya’s fuel exports rose to 28.7 million dollars in the first three months of 2024, an increase from 22.3 million dollars during a similar period in 2023.
Kenya exports fuel mainly to Uganda, South Sudan, Tanzania, Rwanda, and the Democratic Republic of the Congo.
