Home > Insights > In Kenya, Kerosene sales declined by more than 50% in H1-2019 compared to H1-2018.
Tuesday, 27 Aug 2019

In Kenya, Kerosene sales declined by more than 50% in H1-2019 compared to H1-2018.

Insights Africa

Economic Outlook

Economic Outlook

  • In KenyaKerosene sales declined by more than 50% in H1-2019 compared to H1-2018. This was due to the increased prices following the introduction of an adulteration levy. By comparison, uptake of Liquefied Petroleum Gas (cooking gas) increased 3.92% in H1-2019 reaching 126,120 tons.
  • Seven in every ten Kenyans who have access to formal banking services spend more money than they make each month, putting them in a state of permanent indebtedness. In another words, 70% of banked Kenyans consider themselves to be in debt and living beyond their means.
  • The Central Bank of Uganda held its key lending rate at 10.0% and said economic expansion had slowed in H1-2019, but higher credit growth and public infrastructure spending still support its prospects.
  • The Central Bank of Tanzania has issued a new circular that mandates all financial institutions in the country to establish local data centers within three months. The decision comes just a month after it fined local lender Diamond Trust Bank for violating regulatory rules on data and service availability.
  • Zimbabwe obtained 42 MM USD in financing from Exim Bank of India to improve electricity supply in the country. The loan will be repaid within 20 years and will reduce the current energy deficit of more than 1000 MW.
  • Rwanda has introduced the use of electric motorcycles as part of its efforts to protect the environment and cut fuel costs. This comes after Rwandan President Paul Kagame declared that his government is going to replace all motorcycles with new electric ones.
  • The escalation of political tension between Rwanda and its neighbors have led to a sharp decrease in informal cross-border trade, with the latest central bank figures showing an 8.1% drop in exports, while imports fell by 40% in H1-2019 compared to H1-2018.
  • The Central Bank of Rwanda is looking into the feasibility of launching a cryptocurrency that would make processing transactions more efficient in addition to boosting economic growth.
  • The Foreign Ministry of Foreign Affairs of Italy has arranged to make a 2.5 MM EUR financing to be carried out in Niger for 1.5 MM EUR, and in Nigeria for 1 MM EUR through the Africa Fund.
Political Events

Political Events

  • Sudan is pushing to be officially removed from the US' list of countries "sponsoring terrorism", only days after new Prime Minister Abdalla Hamdok took charge of the country's new civilian-military transitional government which is set to rule the country for just over three years until elections are held.
  • Rwanda informed its citizens that they are not allowed yet to travel to Uganda despite a deal reached between leaders of the two countries. The leaders agreed to resume "as soon as possible" the cross-border activities including the movement of persons and goods.
Stock Market

Stock Market

  • The self-listed NSE stated that the newly acquired real-time trading system is undergoing regulatory approval process and is set to go live "within this year". The system will separate shares trading from settlement.
  • Nigerian stocks may be among this year's worst performers, but that's at least boosting the appeal of their yields. The benchmark index in Africa's biggest oil producer has fallen 14% this year, making it the fourth worst among 94 major bourses tracked by Bloomberg.
Companies Transactions

Companies Transactions

  • Kenya will approve the acquisition of offshore oil and gas exploration blocks by Qatar Petroleum. Qatar Petroleum has acquired 25% stake (13.75% from an Italian multinational oil and gas company Eni and 11.25% from a French multinational oil and gas company Total) in three blocks located in the offshore Lamu basin.
  • Commercial Bank of Africa (CBA) posted a 2.87% increase in net profit in H1-2019, boosted by higher interest income. The lender made a net profit of 2.36 BN KES (22.8 MM USD) in H1-2019, compared to 2.29 BN KES (22.1 MM USD) in H1-2018.
  • Sidian Bank, owned by investment firm Centum, recorded a 43.5 MM KES (421,103 USD) profit in H1-2019 compared to a loss of 123.6 MM KES (1.19 MM USD) in H1-2018.
  • Kenya has unveiled a new agency to promote its brand and push for its exports across the world. The Kenya Export Promotion and Branding Agency (Keproba) resulting from the recent merger of Kenya Export Council (EPC) and Brand Kenya, is a convergent point for public and private sector organizations.
  • As revived national carrier Uganda Airlines is preparing to take to the skies officially, for the first time in nearly 18 years. The national carrier will start with flights to Nairobi, Dar-es Salaam, Juba and Mogadishu.
  • Drug firm Lupin stated that its South African arm Pharma Dynamics has signed a commercial agreement with Creso Pharma. As per the agreement, Creso has given Pharma Dynamics sole distribution rights of its products across South Africa, Namibia, Botswana, Zimbabwe, Swaziland, Lesotho, Angola, Mozambique and Uganda.
  • China National Petroleum Corporation (CNPC) signed the Niger-Benin Pipeline Construction and Operation Agreement with the Republic of Benin. The pipeline will run from Agadem in Niger to Port Seme on the Atlantic coast in Benin which is the largest cross-border crude pipeline invested by CNPC in Africa.
  • The French Development Agency (AFD), the Namibian Association of CBNRM Support Organizations (NACSO), and the UCT GSB Bertha Centre for Social Innovation and Entrepreneurship has conducted a workshop on innovative finance and its applicability for the Namibian conservation ecosystem.


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