Kenya Saves Over $200 Million Dollars With Falling Oil Prices
SH 18.6 billion, that is the amount that Kenya has saved with the current global oil prices fall in the last year. This is according to a consultancy firm, PricewaterhouseCoopers (PwC) which noted that the falling oil prices contributed to a fall in Kenya’s import bill by 30% from the usual 50%.
The report was in reference to the data of the number of petroleum units consumed in years 2013 and 2014.
According to the Energy Regulatory Commission (ERC), the consumption rose to 1.7 billion liters in 2014 from 1.6 billion liters in 2013. The consumption rate rose as a result of falling oil prices increasing demand and population growth.
The low fuel costs have seen the number of cars on the Kenyan roads increase to an estimated 2.2 million cars according to UNEP.
The amount the East African country is saving from falling oil prices is very significant as it can be redirected into other projects in the economy.
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