Sharp Daily
No Result
View All Result
Friday, May 9, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Import Bill Falls as Demand for Fuel Products Slumps

Patricia Mutua by Patricia Mutua
June 30, 2023
in News
Reading Time: 2 mins read
Fuel

[Photo/Courtesy]

Recent data from the Central Bank of Kenya report a decline in the fuel import bill to Ksh 750.8 bn in the last 12 months leading to May 2023 from Ksh 779.5 bn recorded in the same period last year, attributable to the rocketing fuel prices, which in turn has resulted in reduced demand and consumption for fuel products.

This has been a result of a sharp decrease in the demand for fuel products resulting from rocketing fuel prices and a slowdown in economic activity. Kerosene and petrol have more price elasticity compared to Diesel since diesel has a myriad of uses, from the operation of machinery to the production of electricity.

According to the Kenya National Bureau of Statistics, petrol is currently retailing at an average of Ksh 179.3 per litre, up from Ksh 129 in December 2021, which has resulted in a fall in the consumption of petrol by 0.04 million metric tons in 2022 from 2021, with car owners opting for cheaper options like public transport. Kerosene, which is mainly used by the poor for cooking, also registered a decline of 23,490 metric tons in consumption resulting from an increase in kerosene prices to Ksh 159.9 currently from Ksh 103.5 in December 2021.

The consumption of fuel products is set to continue on a downward trajectory with the increase in fuel VAT from 8.0% to 16.0%, which will increase prices further by a projection of Ksh 10.6 per litre on average effective July 2023. This is in addition to an expected rise in inflation from the 8.0% recorded in May as a result of an increase in key items like maize, sugar, and other key food items and fuel products.

RELATEDPOSTS

New bill in Kenya aims to regulate and tax gig workers

April 8, 2025

EPRA announces fuel price drop for December

December 16, 2024

With the increase in the Central Bank Rate to 10.5% from 9.5%, the cost of loans will be higher, resulting in less borrowing and a continued decrease in consumption as buyers try to cope with the heightened cost of living.

Previous Post

Banks Record a 14.9% Increase in Non-Performing Loans in Four Months

Next Post

Absa Bank Kenya Has Launched A “Buy Now, Pay Later” Option for Credit Card Holders

Patricia Mutua

Patricia Mutua

Related Posts

News

The downside of Impact Investing

May 2, 2025
News

Leadership challenges at the University of Nairobi

April 24, 2025
News

Easter eggs and earnings: Growing your nest egg with CMMF

April 16, 2025
News

Geoffrey Ruku declares KES 377M net worth during CS vetting

April 15, 2025
News

Butere girls teacher accused of altering play script with political content

April 14, 2025
News

Police Launch Probe Into Alleged Misconduct at National Drama Festival

April 11, 2025

LATEST STORIES

A magical birthday at the springs

May 8, 2025

PSG defeat arsenal to reach Champions League final

May 8, 2025

The hidden risks of family-owned companies

May 8, 2025

Tackling Kenya’s housing crisis with affordable solutions

May 8, 2025

President Ruto’s economic failures root of rage

May 8, 2025

Why CURBS & CPRBS suit NSSF tier II contributions

May 7, 2025

Inter Milan vs. Barcelona – A Champions League classic

May 7, 2025

AI’s ethical implication in customer interaction and marketing

May 7, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024