South Africa’s May base oils imports hold firm

South Africa’s base oils imports held firm in May even in the face of slowing economic growth.

Base oils imports of 29,720 kilolitres (26,330t) in May fell from 38,100kl the previous month, government data showed.

The volume still rose by 28pc in May and for a fifth straight month from year-earlier levels.

The rise in imports lifted total shipments to 143,540kl in the first five months of the year, up 18pc from 121,520kl during the same period a year earlier. 

The rise in base oils imports over most of the past year followed the shutdown of South Africa’s sole base oils unit since the second-quarter of 2022.

Imports of more than 12,600kl from the Netherlands in May were the highest in eight months.

Imports of 3,520kl from the UK in May fell to a four-month low.

Even so, total shipments of 25,770kl from the country in the first five months of the year were up 43pc from 18,070kl during the same period last year.