Top 10 African countries with the lowest fuel prices in August 2024

A low cost of petrol in Africa provides much-needed relief to economies that may already be facing fiscal difficulties. Fuel costs have a major impact on several aspects of the African economy, hence the necessity of market control. Reduced energy prices benefit both consumers and companies, providing stability and economic empowerment. Expensive transportation costs can exacerbate poverty in many African nations by limiting access to needs such as food, medical care, and education. As a

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Angola’s Fuel Sales Increase in Q2 Despite Drop in Imports

Angola’s fuel sales volume in the second quarter reached 1.22 million metric tons, marking a 3% increase compared to the previous quarter, according to the Petroleum Derivatives Regulatory Institute (IRDP). The report, released yesterday, highlights that state-owned Sonangol continues to dominate the market with a 62.3% share, followed by Puma Energy (21.9%). The remaining 15.8% is divided among Sonangalp (7.2%), Total Energies Marketing Angola (6.6%), and Etu Energias (1.7%). The data shows a significant 38%

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Mozambique Grants Eni and ENH Concession for Offshore Petroleum Exploration

The Mozambican Government has approved a concession contract allowing Eni Mozambico and Empresa Nacional de Hidrocarbonetos (ENH) to explore and produce petroleum in the Angoche A6-C Offshore Area. This decision, announced by the Council of Ministers, grants exclusive rights to conduct petroleum operations and produce oil from deposits within the concession area, located offshore of Nampula and Zambézia provinces. The concession also includes non-exclusive rights to build and operate necessary infrastructure for production and transportation

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President Bassirou Diomaye Faye Celebrates Senegal’s First Oil Production

President Bassirou Diomaye Faye witnessed the production of Senegal’s first barrels of oil on the Sangomar platform, marking a historic milestone for the country in the global and African oil industries. Addressing the press, President Faye commended the dedication and efforts of those who believed in the potential of Senegal’s sedimentary basin and worked towards its development. He expressed immense pride in the young Senegalese professionals showcasing their expertise on the platform. “I reiterate my

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Angola to Privatize National Oil Company Sonangol by 2026

The Angolan government plans to privatize its National Oil Company (NOC) Sonangol by 2026, aiming to diversify its 30% stake and attract private investors. This initiative supports Sonangol’s ambition to expand operations across the oil and gas value chain and solidify its position as a competitive regional operator. The Angola Oil & Gas (AOG) conference, scheduled for October 2-3 in Luanda, will spotlight Sonangol’s transformation and its impact on driving oil and gas production in

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Ghana’s $12 Billion Deal Paves Way for Leading Petroleum Hub in Africa

The Petroleum Hub Development Corporation (PHDC) has finalized a $12 billion agreement with the TCP-UIC Consortium, marking a pivotal move towards establishing Ghana as a prominent petroleum and petrochemical hub in Africa. Comprising Touchstone Capital Group Holdings Ltd., UIC Energy Ghana Ltd., China Wuhan Engineering Co. Ltd., and China Construction Third Engineering Bureau Co. Ltd., the consortium will initiate the first phase of the transformative Petroleum Hub Project. This significant development, announced today, signifies the

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Nigeria’s Energy Prices Surge by 223% Under New Administration

Energy prices in Nigeria have skyrocketed by 223% within one year of the current administration, according to a report from the National Bureau of Statistics published in the Punch newspaper. Since President Bola Tinubu took office, petrol prices have surged over 200%, as detailed in the May 2024 Premium Motor Spirit (Petrol) Price Watch report by the NBS. The sharp increase in petrol prices follows the president’s decision to eliminate fuel subsidies, previously considered financially

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Nigeria to Spend More on Fuel Price Regulation in 2024 Despite Ending Subsidies

Nigeria, one of Africa’s largest oil producers, is projected to spend significantly more this year on regulating fuel prices compared to last year. Despite discontinuing fuel subsidies in 2023 due to their high cost, Nigeria’s expenditure is expected to rise from N3.6 trillion in 2023 to around N5.4 trillion in 2024. A Reuters report indicates that Nigeria could face a 50% increase in spending to maintain fixed petrol prices. A draft document reveals that the

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Sonangol Plans Maintenance Shutdown of Luanda Refinery to Ensure Efficiency

Sonangol announced plans for a scheduled shutdown of its Luanda Refinery in the coming months, a routine procedure aimed at enhancing operational efficiency. Joaquim Kiteculo, President of the Executive Committee of the Refining and Petrochemical Business Unit (UNRP), clarified that this periodic maintenance is crucial for the refinery, which processes 60 thousand barrels of oil per day, accounting for 20 percent of Angola’s gasoline consumption. The maintenance involves halting all refinery units to conduct internal

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Aker Solutions Secures Long-Term Agreement for FPSO Projects in Angola

Norway’s Aker Solutions has secured a long-term frame agreement with Azule Energy to provide EPC (engineering, procurement, and construction) services for brownfield projects and modifications on two FPSOs (floating production storage and offloading units) in Angola. This agreement extends Aker Solutions’ ongoing collaboration with Azule Energy, Angola’s largest independent oil and gas producer and a joint venture between Eni and BP. The scope of work focuses on the Greater Plutonio and PSVM FPSOs. It includes

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