The economic news in the Democratic Republic of Congo is taking a positive turn with the announcement by the Deputy Prime Minister, Vital Kamerhe, concerning the reimbursement of the loss of earnings of the oil companies. In order to protect the purchasing power of the Congolese, the government has decided to set up a policy of subsidizing fuel prices at the pump and is committed to honoring its obligations towards the oil companies.
According to Vital Kamerhe, the first payment will be made in the next few days, followed by a second payment within two weeks. This initiative aims to relieve oil companies that were on the verge of bankruptcy and enable them to meet their commitments to their suppliers and partners.
The reimbursement measure is the result of a financial arrangement worked out between the government, the oil companies and the commercial banks. It concretizes the commitment made by the government in December 2022, in the face of soaring oil prices on an international scale.
By covering part of the cost of a liter of fuel at the pump, the Congolese authorities seek to preserve consumers’ purchasing power. This decision is all the more important in a context where oil prices are constantly fluctuating.
The tankers welcomed this decision of the government which will prevent a shortage of stock in the service stations. Charles Nikobanza, Managing Director of Engen RDC and President of the Professional Group of Petroleum Products Distributors (GPDPP), expressed his satisfaction and underlined the importance of this payment to ensure the continuity of the activities of the oil companies.
This gesture by the government demonstrates its desire to support the national economy and maintain fuel price stability. It also contributes to strengthening the confidence of economic actors and investors in the Congolese oil sector.
In conclusion, the reimbursement of the loss of earnings of the oil companies by the Congolese government marks a significant step forward in preserving the purchasing power of the Congolese and ensuring the sustainability of the oil sector. This decision demonstrates the authorities’ desire to support the national economy and maintain price stability.