DAR ES SALAAM, Sept. 19 -- TANZANIA spent 34 per cent less on petroleum imports in 2024 than it did in 2013, even as the amount of oil brought into the country fell by only seven per cent. According to Bank of Tanzania data, the petroleum import bill fell from 4.31 billion US dollars in 2013 to 2.84 billion US dollars in 2024.

Over the same period, the volume imported declined from 4.44 million tonnes to 4.14 million tonnes. This means Tanzania was still importing about 93 per cent of the 2013 volume, but spending only about 66 per cent of the 2013 amount. The country did not achieve the lower oil bill primarily by importing dramatically less oil. It achieved it through a much lower average import value per tonne.

The difference becomes...