Kenya save more than $493m during the first half of 2016 on oil related imports due to low global petroleum prices, All Africa reported.
In June, the east african country had spent about $915m on the year-to-date importation of fuel and lubricants, down from $1.38b for the same period in 2015, according to the Daily Nation.
Kenya’s governement cascading the country’s savings on petroleum imports to the end consumer. As reported by Egypt Oil&Gas earlier in September, Kenya’s Energy Regulatory Commission (ERC) had announced an immediate drop in fuel rates that would extend until mid-October. The price dropped by $0.04 per liter for super petrol, to reach $0.90. The selling rate for a liter of diesel dropped by $0.02 and is now being sold at $0.81, while a litre of kerosene will now cost $0.58, a drop of $0.03.
Currently, Kenya imports all its refined petroleum products after it closed the Kenya Petroleum Refineries Limited in September 2013.