At least 19 fuel companies in Mozambique received US$346.8 million (22.2 billion meticais) from the state between 2021-23 for price stabilization, according to the president of the Mozambican Association of Petroleum Companies (AMEPETROL), Michel Ussene.
“The companies were paid through a memorandum of understanding between the fuel companies, the National Directorate of Hydrocarbons and Fuels, and the Ministry of Finance,” explained the association’s president, detailing how the state made the payments.
He clarified that the reimbursement was requested by the companies due to the demands of the financiers who bore the costs for almost two years, a period in which fuel imports were unsustainable and prices were kept below the actual cost.
“In a critical situation, the financial institutions that supported our activities demanded reimbursement of the amounts invested,” recalled Michel Ussene, adding that in 2024, the state compensated at least 19 companies through the Ministry of Mineral Resources and Energy.
Michel Ussene stressed that several companies had even suspended their activities and that the amount received was not state money, but rather a reimbursement for subsidies granted to Mozambicans during the period of controlled prices. “It is our money, not state money. It was used to subsidize Mozambican consumers,” he emphasized.
The president of AMEPETROL also revealed that, of the total 22.2 billion meticais, the oil company Mitra received around 561 million meticais (approximately US$9 million) from the General Fuel Cost Stabilization Fund, an amount mentioned by the Administrative Court in an assessment of the 2024 accounts.
“There were companies that were unable to continue supplying fuel to the market and others that needed capital injections from shareholders abroad,” concluded Michel Ussene, justifying the need for state payments to keep the sector active during almost two years of global instability.
Source: Lusa
