Though 2017 is only 45 days away, I'd like to concentrate on FY 2016 but look at 1H 2017.
1) The drop in oil prices over the past 10 days underscores Ohana's smarts in reading where the price was headed. Perhaps *Mossad* told him that OPEC isn't walking the talk. Iran wants to pump more to get to pre-sanctions production. Venezuela needs the $. As does Nigeria and Angola.
2) Russia has its own agenda re: production. They (consortium with Trafigura) bought Essar's refinery in India beating out the Saudis. I think they want a chunk of India's growing market. Kenya imports refined fuels from India, Singapore and the Middle East. Competition is good.
3) With lower costs, a lot more US Shale can be profitably produced at $50/bbl. That puts a lid on prices. Trump is likely to support a pipeline from Canada [this is 2020+] but it also helps cap prices that OPEC wants.
4) With lower USD interest rates, KK can profit from the savings.
5) More KK stations. More outlets means it is easier for motorists to fuel up.
6) More LPG. Ohana talked about the growing LPG demand. GoK reduced taxes/duties on LPG. LPG has replaced charcoal in many houses/apartments. Then there's a lube blending plant [but 2018].
7) Vehicles are becoming more efficient BUT fuel volumes are growing as more Kenyans buy cars/lorries as the economy grows. I expect a slowdown in 2017 but the "demand" will come through after the (hopefully peaceful) elections.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett