Kenya: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Kenya

The Kenyan market for processed petroleum oils and distillates contracted remarkably to $X in 2022, which is down by -16.3% against the previous year. Over the period under review, consumption showed a noticeable contraction. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in Kenya

In value terms, processed petroleum oils and distillates production shrank to $X in 2022 estimated in export price. Over the period under review, production recorded a deep downturn. The pace of growth appeared the most rapid in 2014 with an increase of 54%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Kenya

After eight years of growth, overseas shipments of processed petroleum oils and distillates decreased by -30.3% to X tons in 2022. Over the period under review, exports, however, saw a significant expansion. The pace of growth was the most pronounced in 2021 when exports increased by 154% against the previous year. As a result, the exports reached the peak of X tons, and then contracted notably in the following year.

In value terms, processed petroleum oils and distillates exports rose sharply to $X in 2022. Overall, exports, however, saw a moderate increase. The most prominent rate of growth was recorded in 2014 when exports increased by 97%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons), the Netherlands (X tons) and Qatar (X tons) were the main destinations of processed petroleum oils and distillates exports from Kenya, together accounting for 60% of total exports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +64.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) remains the key foreign market for processed petroleum oils and distillates exports from Kenya, comprising 30% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 13% share of total exports. It was followed by Uganda, with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates stood at +20.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+34.1% per year) and Uganda (-6.1% per year).

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, jumping by 57% against the previous year. Overall, the export price, however, showed a abrupt descent. The growth pace was the most rapid in 2013 an increase of 154%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was South Sudan ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+86.1%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Processed Petroleum Oils and Distillates

Imports into Kenya

In 2022, supplies from abroad of processed petroleum oils and distillates decreased by -19.1% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, recorded prominent growth. The growth pace was the most rapid in 2019 when imports increased by 138%. Over the period under review, imports attained the maximum at X tons in 2021, and then declined dramatically in the following year.

In value terms, processed petroleum oils and distillates imports shrank dramatically to $X in 2022. Over the period under review, imports saw a noticeable shrinkage. The pace of growth was the most pronounced in 2019 with an increase of 118%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X tons), Saudi Arabia (X tons) and India (X tons) were the main suppliers of processed petroleum oils and distillates imports to Kenya, with a combined 77% share of total imports. Oman, the Netherlands, Malaysia, China, Singapore and Bahrain lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +106.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), India ($X) and Saudi Arabia ($X) constituted the largest processed petroleum oils and distillates suppliers to Kenya, with a combined 71% share of total imports. The Netherlands, Oman, China, Malaysia, Singapore and Bahrain lagged somewhat behind, together comprising a further 22%.

China, with a CAGR of +67.9%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, standing approx. at the previous year. Overall, the import price saw a abrupt setback. The pace of growth was the most pronounced in 2018 when the average import price increased by 37% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-6.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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