The declining prices of oil in the global market has been is a blessing to Tanzania, which saved $728.2 million on oil alone in one year.

According to data from the Bank of Tanzania (BoT) the amount spent on the importation of crude oil reduced by 20.7% at the end of the year. The country imported oil of about $3.525 billion during the year ending January 2015 but it reduced to $2.797 billion during the year to January 2016.

“Prices of crude oil and white petroleum products decreased largely on account of prospects for continued abundant supplies and concerns about weak demand,” the bank said in its latest Monthly Economic Review.

Tanzania is presently consuming about three million litres of petrol, five million litres of diesel and 300,000 litres of kerosene daily, Sweet crudes reports.

Anita Fatunji