Lourenço: Fuel prices may fall

    On May 16, Angolan media reported. President Lourenço, as chairman of the ruling MPLA party, told a political rally in Huambo that the upgraded Luanda refinery will quadruple the gasoline production capacity in June, as fuel supplies increase. , fuel prices may drop in the next few months.

    President Lourenço said that Angola is an oil producer, but still needs to import a large amount of fuel oil. Angola is not satisfied with just producing crude oil, but should gradually improve its crude oil refining capacity and produce more fuel oil. The first step is the construction of large-scale oil refinery projects. , such as Cabinda Refinery, Soyo Refinery, Luanda Refinery, Lobito Refinery, etc. The first three refinery projects are under construction or are about to be constructed, and the Lobito Refinery project plan has not yet been finalized, but Also underway, most encouragingly in June, the upgraded Luanda refinery will quadruple the gasoline production capacity, and as fuel supplies increase, fuel prices may drop in the next few months.

    The Angolan government, which encourages private companies to invest in small refineries, is also creating supporting policies for such investments.