Angola, located in southern Africa, heavily relies on oil production and exports, making fuel prices in the country closely linked to global oil prices. Recently, the Angolan government made an announcement regarding an upcoming update to the fuel prices in the country. This news has sparked interest and concern among citizens and industry experts.
According to Sonangol, the state-owned oil company in Angola, fuel prices will be raised once the proposal is approved by the government. However, the company emphasizes the need to find a balance that considers the interests of both the population and market operators.
Luís Fernandes, the director-general of the Oil Derivatives Regulatory Institute, revealed that the Angolan government spent over $800 million on oil derivatives in the first quarter of the year. He also acknowledged the high focus on fuel imports and efforts being made to address this issue.
The governor has confirmed that Sonangol is preparing to update the fuel prices and that the proposal will be analyzed by the government.
“As for the origin of the fuels 35% come from the Luanda refinery, 1% Cabinda Golf from Company-Topping and 64% from imports. Therefore, there is still a very large focus on fuel imports. All this volume of fuels represents an expenditure of 803 million American dollars”, signaled Luís Fernandes.
The responsible still said that it is necessary to find a balance in order to respect the interests of the population and the market operators.
“There are our own teams working in this direction, but it is not out of the question to evaluate. Sonangol, naturally, has its reasons for taking these matters to the Government, but it is necessary to find a balance in order to safeguard the interests of the population and also of the market operators,” announced the director-general of the Oil Derivatives Regulatory Institute. RFI
In conclusion, the fuel price update in Angola is a significant development that has implications for the country’s economy and its citizens. While the government has stated that the update is necessary for fiscal stability, concerns remain about the impact on low-income households and the potential for social unrest. It remains to be seen how the update will play out in practice and how it will impact the global energy market.