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Petroleum imports bill hits three-year high

Motorists paid an average of Sh98 at the pump for a litre of petrol in the capital city, Nairobi in the year to August. FILE PHOTO | NMG
Motorists paid an average of Sh98 at the pump for a litre of petrol in the capital city, Nairobi in the year to August. FILE PHOTO | NMG 

Kenya’s oil import bill rose by Sh47 billion in the first eight months of the year to a three-year high despite a drop in diesel consumption, according to the latest official data.

The country imported Sh176.8 billion worth of fuel and lubricants in the year through August, up from Sh129 billion in the same period last year – representing a growth of 37 per cent.

The trend defied a slight fall in consumption of diesel – the most used fuel in the economy that powers industries, agricultural machinery and commercial vehicles.

The Kenya National Bureau of Statistics (KNBS) data indicates that oil accounted for 15 per cent of the total import bill, offering a glimpse into its impact on the foreign exchange market.

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