West Africa Refined Petroleum Products Market Size

West Africa Refined Petroleum Products Market Analysis

The West African refined petroleum products market is expected to grow with a CAGR of around 5% during the forecast period. The COVID-19 pandemic has significantly impacted the market in the region due to the downfall in the demand of fuels like gasoline which is highly used in transportation, which got blocked during the lockdown, and the plummeted power demand where fuels are used to generate power. The two major drivers of the West African refined petroleum products market are, the extremely high power demand in many semi-urban and rural communities in countries like Ghana and Nigeria which can be immediately met by the fuel-driven power sector, and demand for marine fuels due to steadily growing shipping industry. However, the recent virus outbreaks like Omicron, and other variants can hamper the demand for fuels like aviation fuel, due to less travelling by airways.

• The Automotive fuels are expected to dominate the market during the forecast period, due to the fast-growing vehicles fleet in the region.
• In many parts of West Africa, a huge population uses highly pollutive fuels for cooking and lighting like biomass, firewood, charcoal etc. In Ghana, more than 60% of total energy consumption comes from biomass fuels ,as people are deprived of clean fuels like LPG. The Ghana government are indeed at providing LPG to these communities either in a subsidized form or free of cost cylinders. Such an action will prompt other countries in the region to maximize the use of clean fuels in such applications, which can accelerate the market.
• The private sector's keen interest in investing in the refining sector of countries like Nigeria can lead to a peak-level development of he market.