Cameroon could save FCFA 316 billion due to shortage in oil

Cameroon could save FCFA 316 billion due to the fall in oil prices on the international market, according to sources close to the Oil Price Stabilization Fund (HSPC).

Another reason is because of the reduction in public subsidies to the National Refining Company (SONARA).

However, the decline of oil barrel, the state subsidy to SONARA will be around FCFA 50 billion to the advantage of Cameroon which, although oil producer, imports a large quantity of Nigeria's oil.

SONARA, the only refinery in the country, is not suited to refine all kinds of crude, which requires Cameroon to turn to foreign markets while domestic production which is around 2.1 million barrels a year could cover domestic demand.