Cameroon’s hydrocarbon imports rise to CFA274.3 billion ⁰

Cameroon spent CFA274.3 billion on hydrocarbon imports in the first quarter of 2026, a 2.5% increase from a year earlier, even as revenue from crude oil exports fell sharply, according to the National Economic and Financial Committee’s (CNEF) latest economic report.

Between January and March, crude oil exports generated CFA152.4 billion, down 14.4% from CFA178 billion during the same period in 2025. The figures underscore Cameroon’s energy paradox: although the country produces oil and natural gas, it remains heavily dependent on imported refined petroleum products to meet domestic demand.

Fuel imports totaled CFA267.7 billion in the first quarter of 2025. The additional CFA6.6 billion spent this year kept petroleum products as Cameroon’s largest import category, ahead of machinery and mechanical equipment worth CFA115 billion and vehicles valued at CFA82.8 billion.

Export Revenue Falls Despite Higher Oil Prices

The decline in crude oil export earnings came even as global energy prices strengthened. According to the World Bank, Brent crude averaged $103.7 per barrel in March 2026, up 42.8% from $72.6 a year earlier. European benchmark natural gas prices also rose 35.3% over the same period to $17.91 per million BTU.

The drop in Cameroon’s export revenue despite higher prices suggests lower export volumes or changes in the country’s export mix. However, the CNEF report does not provide enough data to determine the exact cause.

The first-quarter figures extend a longer-term decline. Crude oil export revenue, which peaked at CFA1.51 trillion in 2022, fell to CFA705.6 billion in 2025, a drop of more than 50% in three years. Liquefied natural gas exports have followed a similar trend, declining from CFA631.5 billion in 2022 to CFA363.3 billion in 2025, a 42.5% decrease.

Import Bill Remains High

Meanwhile, Cameroon’s spending on imported petroleum products remains structurally high. After reaching a record CFA1.15 trillion in 2022, hydrocarbon imports totaled CFA891.1 billion in 2025. The increase recorded during the first quarter suggests the country’s energy import bill will remain substantial this year. Petroleum imports alone were worth more than twice the value of machinery imports during the period.

The country’s dependence on imported fuels largely stems from the shutdown of the National Refining Company’s (Sonara) refinery following the fire that damaged part of its facilities. As a result, Cameroon exports crude oil while importing gasoline, diesel, kerosene and other refined petroleum products needed by households, businesses and public institutions.

That structure exposes the country to swings in global oil prices, shipping costs and exchange rate movements. It also puts pressure on foreign exchange reserves, the trade balance and public finances, particularly when the government subsidizes fuel prices to shield consumers from international market fluctuations.

BEAC Urges Faster Refinery Projects

The Bank of Central African States (BEAC) is urging Cameroon to accelerate the reconstruction of Sonara and move forward with the planned C-Star refinery in Kribi.

In its report on inflation trends in the CEMAC region through March 2026, the central bank said both projects are essential to reducing the country’s exposure to global oil price volatility and limiting its impact on domestic fuel prices. The government is no longer planning a simple repair of the Sonara refinery. Instead, it intends to completely rebuild and modernize the facility at an estimated cost of about CFA700 billion.

The project includes replacing facilities destroyed in the fire, which damaged four of the refinery’s 13 processing units and a crude oil storage tank. It also calls for adding new processing capacity, including a hydrocracker. The new equipment is expected to improve the refinery’s ability to process domestic crude and increase production of fuels for the local market.

Whether those investments move forward will play a key role in reducing Cameroon’s dependence on imported fuels. Without restoring domestic refining capacity, the country is likely to continue spending heavily on petroleum imports even as revenue from its own hydrocarbon exports continues to decline.

Source: Sbbc