Angola Maintains High Level of Fuel Imports in 2024

Despite the slight decline in fuel volumes imported last year compared to the same period last year, Angola continues to rely heavily on imports to meet domestic demand, making the country vulnerable to external shocks, specifically exchange rate fluctuations, instability in international markets and logistical problems.

According to recent data from the Petroleum Derivatives Regulatory Institute (IRDP), more than 70% of the fuel consumed in the country was imported. This dependence is due to the limited capacity of the Luanda Refinery, which produces around 65 KBPD, and the delay in the completion of new refining projects, namely the Cabinda, Soyo and Lobito refineries.

In 2024, 4,801,233 MT of refined products were purchased for sale in the domestic market, representing a decrease of approximately 2% compared to the same period last year. Of this total, approximately 57% corresponds to diesel, 28% to gasoline, 8% to fuel oil, 5% to Jet A1, 1% to asphalt and the remaining 1% to lighting oil.

Fuel imports accounted for 71% of the total derivatives purchased, while the Luanda Refinery and the Cabinda Topping Plant contributed 28% and 1%, respectively.

In financial terms, Angola spent $2.9 billion on fuel purchases in 2024, a 14% reduction compared to the previous year. The overall sales volume in the retail (B2C), consumer (B2B) and bunkering segments totaled 4,876,544 MT, registering a growth of 4%.

In the distribution market, Sonangol Distribuição e Comercialização maintained its leadership with a share of 61.5%, followed by Pumangol with 21.9%, Sonangalp with 7.4%, TotalEnergies Marketing Angola with 6.5%, Etu Energias with 2.4% and Soida (operator of imported and national bitumen), with 0.3%.

Source: https://petroangola.com/angola-mantem-alto-nivel-de-importacao-de-combustiveis-em-2024/