The Central Bank of Kenya, in its quarterly economic review, reported that the country’s oil import costs rose by 38 percent in 2Q22 compared with 1Q22 on account of higher prices.
Oil imports increased to US$1.57bn from US$1.14bn in the prior quarter and almost doubled from US$778m in the same period in 2021. Kenya relies heavily on imports of petroleum to meet its energy demands, and higher prices this year have led to deteriorating terms of trade and a dollar shortage, pressuring the Kenyan shilling.
