29 most dominant fuel companies in Kenya by market share - EPRA report

Kenya’s overall petroleum consumption has taken a notable dip, marking a 2.1% decrease, according to the latest Energy and Petroleum Statistics Report by the Energy and Petroleum Regulatory Authority (EPRA).

The report highlights a reduction from 5.58 million cubic meters in 2022/2023 to 5.46 million cubic meters in 2023/2024, indicating a shift in consumer behavior likely influenced by rising fuel costs and broader economic pressures.

The decline comes as fuel prices fluctuate sharply, influenced by the volatility of the Kenyan shilling against the US dollar.

Over the past year, the shilling reached a high of Sh159.69 per dollar in early 2024, compounding the cost of petroleum imports.

For consumers and businesses alike, this exchange rate instability increased the price of fuel fuel expenses, affecting demand.

Fuel prices in Kenya are determined by factors such as landed costs, distribution costs, taxes and levies, demurrage costs and margins accrued by Oil Marketing Companies (OMCs).

EPRA computes these costs and publishes monthly prices for super petrol (PMS), Diesel (AGO) and Illuminating Kerosene (IK) on the 14th day of every month.

Kenya recorded its highest price of fuel when petrol hit Sh217.36 and diesel Sh205.47 per litre.

Petroleum demand trends reflect not just consumer choices but the economic realities Kenyans face.

This shift in demand aligns with a broader trend where high energy prices have forced both individual consumers and industrial users to seek alternatives or limit fuel usage.

Reduced domestic demand for petroleum also led to a 2% drop in import volumes during the year under review.

29 most dominant fuel companies in Kenya by market share - EPRA report

There were 140 registered Oil-Marketing Companies (OMCs) as at June 2024.