Fuel imports in Angola have exhibited significant fluctuations over the past decade, with considerable year-on-year variations. In 2016, imports surged by 67.75%, moderating to a decline by 2020 with a 30.07% drop. However, subsequent years saw substantial growth, particularly in 2021 with a 67.75% increase, followed by a 34.33% rise in 2022. In 2023, the increase was relatively modest at 1.01%, standing at 22.61 units of goods. The compound annual growth rate (CAGR) over the last five years up to 2023 was 8.42%.
Forecasts for 2024 and beyond indicate a steady growth rate, albeit at a much slower pace, with a projected 5-year CAGR of 0.77% and an overall growth of 3.91% by 2028.
Future trends to watch for:
- Global crude oil market volatility and its impact on fuel import costs.
- Government policies on energy and import regulations.
- Development of local refineries to reduce dependency on imports.
- Technological advancements and investments in renewable energy alternatives.
