Volume growth has been 4% y-o-y according to Ohana during the AGM. It pays to sit in front and listen to the Board and Management instead of those who show up for the lunch-box. They do a session AFTER the official AGM while lunch-boxes are being dished out. Only 2 rows in front were occupied for this session.
With 4% volume growth there's constant demand for more fuel in Kenya. Please note that KK has seen ADDITIONAL volumes in Jet Fuel - and KQ isn't a "credit" customer - over 2015 since KK came back strong in the market.
I suspect volume growth will rise as the number of vehicles increase and prices of fuel are lower in 2016 vs 2015. That said, the vehicles are becoming more efficient. I recently drove a (newer) model and the mileage is very good. Plus there is a new technology for diesel engines that "shuts" it down while the car is idling. Good for the environment and driver but bad for the OMC. So all those "idling" cars in traffic would be burning less fuel in the future as the "newer" imports displace the current gas guzzlers.
Electric (& hybrid) Cars - Wow! They will be an important factor in 7-15 years in Kenya. KPLC needs to build out recharging stations all over Nairobi. KK needs to look at converting some stations to 'recharging stations' in the future. Or install a 'charging pump' alongside the current pumps.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett