Kenya fuel import bill at record Sh122.4bn in May
Effects of costly products due to Iran was had a small impact on value of shipment...
✨ Key Highlights
Kenya's fuel import bill surged to a record Sh122.4 billion in May, significantly outpacing previous months and reflecting a notable increase in shipments.
- The May fuel import bill represented a substantial jump from Sh53.08 billion in April and was 169.9% higher than the Sh45.33 billion recorded in May 2023.
- This record spending occurred weeks after several senior energy officials, including the Principal Secretary for Petroleum and the EPRA Director-General, resigned amid allegations of fuel stock data manipulation.
- For the first time, the fuel import bill surpassed that of industrial supplies (chemicals, metals, raw materials), which stood at Sh99.85 billion in May, highlighting a shift in import priorities.
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Demand for housing in Kenya's satellite towns is surging as buyers prioritize affordability, security, and well-planned communities over traditional city-centre living. This shift in residential preferences is reshaping the country's property market dynamics. Meanwhile, Kenya's fuel import bill surged to a record Sh122.4 billion in May, significantly outpacing previous months and reflecting a notable increase in shipments. Separately, a proposed amendment to Kenya's Microfinance Act could allow borrowers to use a wider range of assets, including cryptocurrencies, social media income, and patents, as collateral for loans.
